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Administration February 4, 2010
U.K. Real Estate Firm Insures its Pension
February 4, 2010
(PLANSPONSOR.com) – U.K. buyout company Pension Insurance Corporation said it
will insure the pension liabilities of Liberty International as it seeks to
reduce risks in its pension plan, Reuters reported.
Reported by Fred Schneyer
Pension Corp said that in return for fully insuring the plan’s liabilities it will receive assets amounting to 61 million pounds ($96.84 million), comprising 46 million pounds in plan assets and 15 million pounds in an additional company contribution.
“Pension Insurance Corporation offers a strong proposition in securing member benefits for the long term,” said David Bramson, Chairman of Liberty’s trustees, according to Reuters.
Liberty International is one of the U.K.’s largest listed real estate companies and is a FTSE 100 company.