The Institution of Mechanical Engineers has completed a £40m buy-in for its defined benefit (DB) pension scheme with Pension Insurance Corporation.

The deal covers the pensions of all 200 pension scheme members, according to a press release from the insurer.

Isobel Pollock-Hulf, chair of the trustee board, said: “This is the culmination of many years of hard work by trustees past and present, which would not have been possible without the institution’s diligent support of the scheme.”

Matt Garside, president at the Institution of Mechanical Engineers, added that the buy-in arrangement was “a simpler way of managing this pension scheme, allowing the institution to focus on its strategy and purpose”.

Nikhil Patel, risk transfer partner at Barnett Waddingham, which advised on the deal, explained that the scheme was one of Barnett Waddingham’s longest-serving clients.

Patel added: “We worked closely with the trustees to ensure the scheme was well-placed to obtain competitive proposals from insurers and also with the joint working group to ensure that all stakeholders were suitably engaged throughout.”

Sackers gave legal advice to the trustee board, while PIC was advised by CMS.