The Sappi UK Pension Scheme has secured a £150m full scheme buy-in with Standard Life covering 1,300 members.
The bulk purchase annuity deal secures full benefits for the scheme members and was overseen by PwC as lead transaction advisers, while legal advice was provided by Squire Patton Boggs and administration and project support was provided by Deloitte.
Scheme trustee and PAN Trustees principal Mike Roberts said: "It is a great result to be able to secure member benefits with Standard Life which marks an important milestone in the scheme's journey plan. I'd like to thank the company for their continued support throughout this journey."
Standard Life senior business development managers Kieran Mistry added: "We are delighted to have been able to help the trustee secure full benefits for the scheme's members."
PwC lead transaction adviser Jani Singh said the auditor took "a solutions-focused approach" to the deal.
"[This] included efficiently disposing the scheme's illiquid assets," he explained. "As schemes reach their end game destination quicker than they anticipate, we expect features such as illiquid assets and capturing market volatility to become more common.
"To be able to execute the full scheme buy-in transaction in the current uncertain market conditions is a positive outcome."
