Partnership has agreed to insure £22m in defined benefit pension promises for an unnamed company through an enhanced “buy in” deal.
The deal, which was advised on by Hymans Robertson and law firm Squires Sanders, will cover around 20 of the scheme’s highest liability pensioner members.
The agreement will see the pension fund transfer a premium to Partnership in return for the insurer taking on financial responsibility for the members.
Partnership head of de-risking solutions David Harvey says: “The nature and size of this transaction demonstrates how medically underwritten buy-ins can play a significant part in the de-risking of any size of scheme, including those larger schemes looking to remove the risk of those with the highest liabilities.”
Partnership says it has written over £37m of medically underwritten bulk annuity business for defined benefit schemes since December 2012.