Citigroup has reached an agreement to buy Thomson Regional Newspapers’ (TRN) closed pension fund.
Citi will acquire the UK sponsor company for the TRN pension fund which has been closed to new members for more than 10 years. The acquisition will result in the transfer of the sponsor, and its financial responsibility for the fund, to a Citi subsidiary.
Francis Fernandes, head of pensions actuarial at Citi, said: “Citi is pleased to provide its support for the fund and its members by enabling the UK sponsor to set aside monies to cover the impact of any adverse future uncertainties and thereby, further enhance the security provided for members’ benefits.”
Citi’s pension buy-out strategy will see the TRN pension scheme continuing to be run under UK pensions legislation by a trustee board, including the three current member-nominated trustees.