West Midlands Integrated Transport Authority (WMITA) has completed a £272-million pensions buy-in.

The authority, carried out the move with the support of Prudential, Mercer and law firm Squire Saunders.

Geik Drever, director of pensions at the West Midlands Pension Fund, said: “This transaction forms an important part of the WMITA fund’s risk management strategy and has insured 50% of the fund’s liabilities.

"It has protected the fund and the sponsor against the volatility of investment markets and any unanticipated increases in life expectancy of the pensioners.

“Risk management is a very important part of local authority governance for both the main fund and the WMITA fund, and as such this is a welcome outcome given the policies in place for the funds, as well as the authority.”

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