LONDON (Reuters) - Pension Insurance Corporation said on Monday it had agreed a pension insurance deal with the trustees of the Wolseley Group Retirement Benefits Plan for a premium of around 600 million pounds.
The deal, structured as a ‘buy-in’, covers all of the pensioner liabilities associated with the scheme, PIC said in a statement. Wolseley UK is the operating subsidiary of Ferguson (FERG.L).
“Over the past couple of years we have matched an increasing amount of our assets and liabilities and this strategy has now allowed us to take advantage of market conditions and fully insure these liabilities,” David Illingworth, chairman of trustees of the pension scheme, said.
Reporting by Simon Jessop; editing by Carolyn Cohn