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£70m buy-in transaction will secure the benefits of all uninsured scheme members, covering approximately 490 deferred members and 400 pensioner members.

£7m deal was completed in March and insures the benefits of 24 pensioners and 15 deferred members.

The deal, which included a novation of the scheme’s existing longevity swap and the transfer of illiquid assets, was completed in August this year.

Neal Jacobs succeeds John Dallas, CEO of Berkshire Settlements

The first time the market has grown in two consecutive quarters in two years.

Farooqui spent time previously at Aon and Mercer.

During September, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process rose from 100.8% of a plan’s accounting liabilities to 101.7%.

Schmidt will oversee the marketing strategies for the Lighthouse Life, Settlement Benefits Association and Harbor Life Settlements brands.

The K3 team and brand will continue to operate as a distinct service offering within the Isio group.

All pensions within the CWPF Defined Benefit Scheme are now backed by insurance policies.