Insurer RSA, best-known for its brand More Than, has taken out its own insurance to protect employees in its final salary pension scheme in a deal with investment bank Goldman Sachs.

The deal, which covers £1.9bn of RSA’s pension liabilities, would reduce the scheme’s exposure to longevity and market risk, according to the company.

Andy Haste, group chief executive of RSA, said: “This transaction further de-risks the impact of the UK pension schemes on the group’s results and balance sheet.”

Matthew Furniss, senior consultant at consulting actuaries Punter Southall, said the deal represented the first one of its kind in the UK.

“This type of action has the potential to become a viable alternative for many schemes to the standard buy-out or buy-in, particularly given the recent increases in buyout prices observed and the hit on pension schemes’ asset values following falls in equity markets.”