Pension

Pension Insurance Corp completes $3.7 bln buy-out of Philips UK pension fund

Pension Insurance Corp (PIC) has completed a 2.4 billion pound ($3.69 billion) buy-out of Philips UK pension fund, the firm said on Thursday.

PIC specialises in bulk annuities – taking on the risk of company defined benefit, or final salary, pension schemes.

The deal covers the pension benefits of around 26,000 UK pension scheme members, PIC said in a statement.

Longevity risk was reinsured through Hannover Re, PIC said. ($1 = 0.6498 pounds) (Reporting by Carolyn Cohn, editing by Sinead Cruise)

Reuters

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