Chemring pension fund has signed a £65m ($81m) buy-in deal to transfer all the scheme’s liabilities to Pension Insurance Corporation (PIC).
The UK firm, which provides tech services to the aerospace sector, has transferred a total of 485 current pensioners and 328 deferred members to the insurer.
The latest deal means that PIC is providing pensions to a total of 339,000 people and it’s now managing just shy of £45bn-worth of assets.
Barnett Waddingham was the lead transaction adviser and scheme actuary, and Burges Salmon provided legal advice to the fund.
News of the Chemring transaction came a few days after the Hyde Housing Pension Scheme said it had agreed a £65m ($75m) deal with Just Group.
The UK pension risk transfer market in 2023 is on course to break its 2019 record of £43bn worth of transactions.
Notable recent transactions include a $3.5bn deal between the Thales pension fund and Rothesay Life, and Boots offloading all its pension scheme liabilities to Legal & General in a $6bn transfer.
