Pension Insurance has been selected to secure specified benefits of the Delta Pension Plan, which is sponsored by Delta.
In exchange for Pension Insurance Corporation (PIC) insuring specified benefits of the Delta Pension Plan, PIC will receive assets amounting to GBP451 million.
The transaction brings assets managed by PIC in the defined benefit pension fund buy-out market to more than GBP500 million. Including sponsored pension funds, Pension Corporation, the umbrella brand for PIC, now has more than GBP4.75 billion of pension assets under its umbrella.
Edmund Truell, CEO of Pension Corporation, said: This announcement with the Delta Pension Plan highlights Pension Corporation’s commitment to providing secure and responsible pension management to defined benefit funds and being the insurance solution of choice for pension fund members.
David Pearce, chairman of the trustee at Delta Pension Plan, added: We are very pleased that we have been able to provide additional security for all members of the Delta Pension Plan through additional financial support from Delta and an insurance transaction with Pension Insurance Corporation.