Last orders have been called for the UK pension fund of diamond specialist De Beers with a £870m ($1.1bn) full buy-in deal that will see all current pensioners and deferred members transferred to Pensions Insurance Corporation (PIC).
In a 2 April news release, PIC said that 1464 current pensioners and 473 deferred members of the scheme, which is sponsored by De Beers UK, would transfer across from the pension fund.
Hymans Robertson and Barnett Waddingham provided the De Beers trustees with actuarial advice on the transaction.
PIC was given legal advice by CMS Cameron McKenna Nabarro Olswang (CCMNO) and the De Beers Trustees were advised by Linklaters.
This is the second deal announced by PIC in a week, following news of the $643m buy-in with the pension scheme of UK retailer Next, where it was also advised by CCMNO.
The strong UK pension risk transfer deal pipeline comes off the back of a record 2023 when more than £50bn worth of transactions were completed.