MF Global Holdings, the failed U.S. securities brokerage, is on its way to extinction under a court-supervised liquidation, but members of the firm’s U.K. pension fund will be made largely whole, thanks to a recent buyout agreement with a specialist insurer.

The trustees of the MF Global U.K. Pension Fund have struck an annuity-type deal with London-based Pension Insurance Corp. (PIC) to guarantee benefits to the fund’s 35 members.

The pension fund had £25 million ($40.4 million) in assets and £60 million in liabilities when the company filed for bankruptcy protection in 2011. Under the deal, settled on October 15, KPMG, the court-appointed administrator of MF Global U.K., is contributing funds that will enable PIC to guarantee £52 million in liabilities. The parties said the value of the insurance would be broadly equivalent to the benefits MF Global had promised before it collapsed.

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