LONDON (Reuters) - British insurer Pension Insurance Corp has completed a 230 million pound ($301 million) pension insurance ‘buy-in’ with the trustee of Pilkington Superannuation Scheme, PIC said on Monday.
Pilkington Group Limited is a multinational glass manufacturing company and a wholly owned subsidiary of Nippon Sheet Glass (5202.T), PIC said in a statement.
The lead adviser on the deal was Aon Hewitt, PIC said.
A deal to pass on some of the insurance risk of defined benefit, or final salary, company schemes through a so-called ‘buy-in’, is often easier to price than a deal for all of the risk, a so-called ‘buy-out’, pension consultants say.
“There has been a tangible increase in interest from trustees in buy-ins since the Brexit referendum and we have completed a number of transactions over the past few weeks and expect more to follow,” Uzma Nazir, actuary at PIC said.
Reporting by Carolyn Cohn; editing by Simon Jessop