Five schemes sponsored by advertising firm WPP have completed a buy-in with Pension Insurance Corporation - insuring £140m of pensioner and deferred liabilities.
Independent Trustee Limited (ITL) director Peter Docking, the trustee chairman of each of the five schemes, said: "This was a complicated transaction and I want to thank PIC for their dedication and assistance...
This week's top stories included the Department for Work and Pensions issuing two separate consultations on the pensions dashboard and defined benefit consolidation.
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.