Pension Insurance Corporation has entered into a pension insurance buy-out agreement with Toray Textiles Europe’s pension scheme.

The transaction covers approximately £63 million of liabilities and 800 scheme members.

The manufacturer of woven polyester and nylon fabrics is owned by the Japanese organisation Toray Industries. It is the fourth Japanese-sponsored pension insurance buy-out that Pension Insurance Corporation has entered into. The others include Honda and Denso.

Adrian Hodgson, chairman of trustees for the Toray Textiles Europe pension scheme, said: “The trustee board is pleased to have secured all pensioner obligations with a secure UK insurer.”

Jay Shah, co-head of business origination at the Pension Insurance Corporation, added: “With this transaction, Toray has taken action to secure its pension fund members’ benefits for the long-term; the latest in a string of multi-national or FTSE 100-sized companies taking similar action.

“This follows our transactions with the London Stock Exchange, Alliance Boots and Cadbury.”

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