The pension scheme of UK ferry operator P&O has completed a £440m ($560m) buy-in with specialist insurer Rothesay which means that all member benefits are now insured.
This is the second such buy-in deal conducted by the P&O pension scheme; the first was in 2007, with the now defunct buy-in firm Paternoster, which Rothesay acquired as part of its purchase of the insurer in 2011.
The latest buy-in secures the benefits of 5,300 members and was agreed in August. It is the second deal announced by Rothesay in August and follows a $330m buy-in with the Smith & Nephew UK pension fund earlier in the month.
Rothesay also completed a $1.3bn transaction with UK retailer Safeway in April.
Barnett Waddingham acted as actuarial and risk transfer advisers. Eversheds provided legal advice to the trustee. Administration and investment services were provided by Mercer. Rothesay was advised by pensions specialist CMS.
P&O Ferries is part of the Dubai-headquartered logistics firm and port operator DP World.