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Pension Insurance To Insure Liberty International Group Retirement Benefit Scheme

Pension Insurance, a provider of risk management offerings to defined benefit pension funds, said that it will insure the Liberty International group retirement benefit scheme.

The company said that in return for insuring the liabilities of the scheme, it will receive assets amounting to GBP61m, comprising GBP46m in scheme assets and GBP15m additional company contribution. The scheme has 203 members.

David Bramson, chairman of the scheme trustees, said: Pension Insurance offers a strong proposition in securing member benefits for the long term. I am very pleased that we were able to conclude the transaction with PIC. The PIC team was very helpful and constructive in negotiations, helping us to achieve the best overall result for our members.

John Coomber, chief executive of Pension Insurance, said: We are delighted to have been able to help Liberty International and its pension fund trustees bring security to the benefits of its members. Liberty deserves credit for using corporate resources to help achieve this. This is the second FTSE 100 risk transfer transaction which PIC has completed and I look forward to further transactions during 2010.