Imperial Chemical Industries (ICI) Pension Fund has completed a £630m buy-in.
The bulk annuity transaction with Scottish Widows covers 4,000 members of the pension scheme.
The pension fund was advised by LCP and Allen and Overy on the buy-in transaction.
Heath Mottram, chief executive officer at the ICI Pension Fund, said: “This buy-in is the result of significant work by the trustee over the last five months, and further builds on the fund’s strong de-risking foundations. The trustee is delighted to add Scottish Widows to its de-risking panel, further enabling it to continue to improve the security of members’ benefits.”