Citi, along with sponsor and trustee of the EMI Group Pension Fund, has completed the sale of EMI's pension fund to Pension Insurance Corporation (PIC).
The transaction, which covers £1.5bn of liabilities and 20,000 members, is claimed to be the largest ever pension insurance buyout in the UK.
The purchase of pension fund allows the trustee to insure all liabilities of the Fund with PIC, providing certainty to members and all parties involved.
Citi pension solutions team member Swapnil Katkar said they ran a disciplined process that allowed the trustee and sponsor to achieve their objectives of acquiring all risk cover on competitive terms from a leading provider.
"Working closely with the trustee board, sponsor representatives, insurers, legal counsel and actuarial advisors allowed us to conclude the policy acquisition within five months, ahead of plan, despite the low interest rate environment and volatile market conditions," Katkar added.
Clifford Chance and Mercer supported Citi; Premier Pensions Management, Sacker & Partners and Towers Watson supported the Trustee; and Herbert Smith supported PIC in relation to the transaction.