The Trustees of the 3i Group Pension Plan have completed a £650 million pension scheme buy-in.
The buy-in transaction with Legal and General covers the benefits of 280 pensioners and 570 deferred members and will be held as an asset of the pension plan.
The Trustees, were advised by Lane Clark and Peacock, Linklaters and Lincoln Pensions. 3i Group was also advised by Mercer, and Slaughter and May. Legal advice was provided to Legal and General by Macfarlanes.
Carol Woodley, chair of trustees at Woodley Trustees, said: “This transaction is a significant step forward in providing a more certain and secure solution for members’ future benefits and removes significant risks in the plan that would otherwise be difficult to hedge. Achieving this level of security is especially valuable in the current economic climate and we are delighted that, with the support of our advisers, we have been able to take this step sooner than previously anticipated.”