UK - The Merchant Navy Officers Pension Fund has secured a further £100m (US$149.9m) of liabilities after signing a second buy-in deal with Lucida.
The second deal means the scheme has insured about two-thirds of the benefits of 22,000 retired scheme members in its ‘old section'.
The first transaction - agreed in September, last year - secured about £500m of pension liabilities.
MNOPF chief executive Andrew Waring said: "The original contract reflected the trustee's focus on security and allowed us to insure more benefits in the same way at a later date. When the trustee was ready to take another big step towards de-risking the fund, it made sense to extend our agreement with Lucida.
"Working with Towers Watson, we were able to design a trigger mechanism that enabled us to recognise and capture this derisking opportunity quickly as markets moved in our favour."
On both transactions, MNOPF was advised by Towers Watson, with legal advice provided by Baker & McKenzie.
Towers Watson senior consultant Paul Kitson - who led this and the original project - added: "Like many other multi-billion pound pension funds, MNOPF is looking to remove risks in stages. Market volatility means opportunities to de-risk can disappear as quickly as they appear. The key is to make sure you know when the price is right and can move quickly when it is."
The deal follows the fund's decision to appoint KPMG to review and select a "delegated chief investment officer" - effectively a fiduciary manager - to advise on and implement investment decisions.
Towers Watson is currently performing this role after being appointed in September, 2008 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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