ITB closed pension fund’s trustees have signed a £152.7 million buy-in agreement with Pension Insurance Corp. (PIC), Global Pensions reports. The deal relates to the closed section of the company’s pension fund and covers1,662 members. As part of the contract, in return for the required premium PIC will pay the trustees an agreed amount on agreed dates, while the fund’s office will continue to pay regular installments to pensioners. The closed fund does not have any participating employers paying contributions.
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