UK - Citi has agreed to buy out the Thomson Regional Newspaper Pension Fund.
In a statement Citi said it had reached an agreement to acquire the UK sponsor company for the Thomson Regional Newspaper Pension Fund in October 2007.
This acquisition will result in the transfer of the sponsor and its financial responsibility for the fund to a Citi subsidiary.
The £200m fund has been closed to new members for over 10 years, but will continue to be run under UK pensions legislation by a board of trustees.
Citi has become the next player in the lucrative pension buyout industry, and earlier this year AEGON and UBS Global Asset Management joined forces in the UK to launch a buy-out solution aimed at schemes with liabilities in excess of £300m.
There are already several insurance companies such as Legal and General and Prudential, and start ups like Synesis Life, Paternoster and Pension Insurance Corporation, which have been competing in the pensions buyout market.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.