UK - Weir Group, a FTSE250 listed pumps manufacturer, has sold part of its pension plan to insurance provider Legal & General (L&G).
Weir will continue to run the pension fund and provide contributions for workers yet to retire.
In a bid to reduce scheme liabilities calculated under accounting regulation FRS17, it has become increasingly popular for large funds to sell of the liability portion of their pension schemes in order to make it easier for the scheme to be in surplus.
Last week, Global Pensions reported that shipping company P&O had sold its pension liabilities to specialist pension buy-out group Paternoster in a deal worth £800m (US$1.6bn).
In mid-November, Paternoster also secured £170m (US$340m) of liabilites from publisher Emap Earnings Related Pension Plan (EERPP) and the Scottish Radio Holdings (SRH) Pension Scheme.
This week's edition of Professional Pensions is out now
Collective defined contribution (CDC) schemes will need clear and transparent governance frameworks, as well as effective communication strategies, to be a success, the Work and Pensions Committee (WPC) has been told.
The aviation sector's constant evaluation of mistakes to improve safety should be applied to defined benefit schemes, as too many are making the same mistakes again and again, latest research shows.
A month of strikes are due to hit 64 universities from tomorrow over major reforms to the Universities Superannuation Scheme (USS).