The trustees of the Alcatel-Lucent Pension Scheme have agreed a £100m pensioner buy-in with Pension Insurance Corporation (PIC).
The deal - advised by Aon Hewitt - will secure benefits for 260 pensioners in the 6,000 member scheme, which has around £1.2bn of assets.
It follows a £300m pensioner buy-in with Aviva, announced last January, and means the scheme has now protected around 2,500 members' benefits.
Alcatel-Lucent Pension Scheme trustee chairman Martin Couzens welcomed the speed of the transaction.
"We are delighted to have been able to complete this well-timed and speedily executed buy-in as part of our de-risking programme," he said. "The efficiency was a credit to the enthusiasm of our advisers.
"PIC's track record with buy-ins and its focus on delivering to trustees' requirements was a big plus in their favour."
PIC head of origination structuring Uzma Nazir said the deal was a sign of increasing demand.
"As we have seen, trustees, such as those for the Alcatel-Lucent Pension Scheme, who have moved to lower risk assets over a number of years are now able to complete buy-ins to enhance security," she said. "After a very busy few months in the market, we expect this clear trend to continue for the foreseeable future.
"We are proud to have been able to help the trustees to efficiently de-risk."
Aon Hewitt settlement adviser Dominic Grimley added: "The speed of execution of this transaction showed the experience and commitment of the trustee. It was very rewarding to transfer risk within a matter of weeks of identifying the opportunity."
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.