UK - The Merchant Navy Officers Pension Fund has insured around £500m (US$799m) of its pension liabilities through a bulk annuity buy-in deal with Lucida.
The agreement will mean Lucida will insure over half of the total pensioner benefits of the scheme's "old section" - a section of the fund which closed in 1978 and covers almost 22,000 retired members.
MNOPF chief executive Andrew Waring said: "Security has been the trustee's watchword in deciding to de-risk, in selecting a provider and in negotiating the contract.
"This insurance policy takes a significant step along that path and is an important contribution to our wider strategy of progressively reducing risks across the fund."
The MNOPF said the deal did not require additional funding from the MNOPF's participating employers and would be effective immediately.
It also said as Lucida's principal shareholder, funds controlled by Cerberus Capital Management and its affiliates have injected £80m of new capital to support this transaction.
Watson Wyatt advised from the actuarial and investment side and Baker & McKenzie on the legal side of this deal.
According to Watson Wyatt project lead and senior consultant Paul Kitson this is the biggest bulk annuity policy written this year, the biggest transaction to date involving Lucida and the fifth biggest bulk annuity contract written since the new market in pension risk transfer got off the ground.
In July, MNOPF appointed KPMG to review and select a "delegated chief investment officer" - effectively a fiduciary manager - to advise on and implement investment decisions.
Currently, Watson Wyatt is performing this role after being appointed in September last year, in what was believed at the time to be the largest fiduciary mandate awarded in the UK, involving £3.2bn of assets .
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