The Western United Group Pension Scheme has secured a £111m pensioner buy-in with Rothesay Life, a year and a half after completing a £115m deal with the same insurer.
The scheme, which is sponsored by food supplier Vestey Group, exchanged cash and gilts for the policy.
The deal is part of a trend which has seen several schemes effectively extend existing buy-ins to insurer more members.
The scheme said its earlier experience and existing relationship with Rothesay had allowed it to deal directly with the insurer, reducing the need for advice.
Vestey Group head of reward Ben Fowler said: "For many years now, we have been working hard to fully de-risk this scheme, and this transaction is the next step in that journey.
"We did one deal in November 2012 with Rothesay for a subset of pensioners and all we've done in this transaction is insure the rest of the population on pretty much the same basis.
"This is separate from the first deal, but it is a lot easier ‘upsizing' than starting from scratch."
Rothesay Life head of business development Guy Freeman said this was the fifth time a client scheme had followed up a buy-in with another deal.
He said: "This just shows the merits of making a start with buy-in transactions. Once people have done a first transaction it is relatively simple to do a second one because they are familiar with all the issues and the admin is all set up and ready to go."
LCP partner Emma Watkins, whose firm advised the trustees on this deal, said the amount of advice required in this type of transaction depended on the sophistication of the scheme.
She said: "In this case the scheme had already done a deal and was just adding more members, so a lot of the hard work, in terms of going out to the market, had been done.
"We have seen a lot of clients extending an earlier transaction, particularly where mature schemes have done a pensioner buy-in, and a large group of new pensioners have come along quite quickly."
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