The trustees of the Alps Electric Pension Scheme have concluded a £33m buyout of its liabilities with Pension Insurance Corporation (PIC).
Although it is a UK scheme, it is ultimately sponsored by Japanese company Alps Electric - a big manufacturer of electronic components for mobiles and vehicles.
The company was advised by Deloitte while the trustees were advised by Capita Employee Benefits.
Trustee chairman Peter Woodland said he was delighted to have been able to insure the pension benefits of members in spite of volatility and uncertainty in the markets.
"We entered into an agreement with PIC to insure once certain conditions were met and this allowed us to complete the transaction when a window of opportunity in markets opened. I want to thank PIC for their flexibility and innovation in helping us to achieve this result and our advisers, Capita Employee Benefits, for their help and support."
PIC actuary Matt Richards said that amid market volatility, trustees should put in place the right structures and processes to allow them to move quickly once their pre-agreed triggers have been met.
"The trustees of the scheme did exactly that. Because of their foresight this transaction was able to be completed, bringing increased levels of safety and security to members' benefits."
Capita Employee Benefits head of pensions risk management Akash Rooprai added: "We worked with PIC to manage the transition of assets from a ‘with profits policy' in an effective way that maximised the efficiency of the transaction."
PIC recently completed a £90m buy-in for the Civil Aviation Authority's pension scheme.
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
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.