Retail group Kingfisher has completed a £230 million medically underwritten buy-in transaction for its defined benefit (DB) pension scheme.
The transaction, carried out by Legal and General, covered 149 specific scheme members from the £3 billion scheme.
Aon and Hymans Robertson also advised on the transaction.
Chris Gilchrist, chair of the trustee for Kingfisher Pension Scheme, said: “ This is another important step for the Kingfisher Pension Scheme on its journey towards a target of self-sufficiency by 2030. The annuity provides a further improvement to the financial security of the scheme for all members.”
James Mullins, partner and head of risk transfer solutions at Hymans Robertson, added: “At £228m, this is the largest medically underwritten buy-in to date.
“Kingfisher becomes the third FTSE 100 company to have completed a medically underwritten buy-in, all of which have been ‘top-slice’ transactions, which insure the pensioners with the highest individual liabilities.’
