On the go: The Fujitsu General (UK) Co Limited Pension and Life Assurance Plan has completed a £7.7m full buy-in with Aviva.
The transaction secures the liabilities of all deferred members, and was carried out in the context of a new covenant and security package put in place for the scheme by its sponsor, a statement read.
Peter Thompson, professional trustee at Capital Cranfield, the scheme’s sole trustee, noted that “it is vital that it remains possible to carry out small transactions such as this, as well as the large ones which gain most publicity”.
CMS acted as legal adviser to the trustee, with Isio providing actuarial and investment advice services.
According to a notice published in April on The Gazette, the scheme, established in 1979, is in the process of winding up.
Pensions Expert reported in May that the ICL Group Pension Plan, a defined benefit scheme also sponsored by Fujitsu, entered a £3.7bn longevity hedge with Swiss Re.
