The £112m Fuller, Smith & Turner Pension Plan has completed a full buy-in with Legal & General.
In a company update published this morning, the pub and hotels business said the move came in a bid to further demonstrate the financial strength of the business and reduce its exposure to future liabilities.
It said both the trustees of the scheme as well as the company were "keen to move swiftly into a full buy-in with a well-regarded insurer who could provide an enhanced level of security and member service".
In its 2024 annual report and accounts the company said the surplus in its scheme had grown from £14.6m to £17.3m in the year to 30 March 2024, at which date it had assets of £112.3m against liabilities of £95m on an IAS 19 basis. In this report the company noted it had an "unconditional right to refund" under the pension trust deed.
