The trustees of the Honda GroupU.K. Pension Scheme have signed a buyout deal with the Pension Insurance Corporation (PIC). The specialist insurer will insure the Honda Racing Development part of the £700 million pension scheme.
As per the buyout agreement, PIC will cover both deferred and current pensions of the £7 million section. The transaction was completed after Honda made an additional payment.
Click here for the release from Pension Insurance Corporation.