Pension Insurance Corp. PLC completed a £250 million pension insurance buy-in across two pension schemes, sponsored by WPP PLC.
The transaction was led by Mercer which, with separate teams, advised the company and the trustee.
Sackers and Addleshaw Goddard provided legal advice to the trustee and the company, respectively. Pension Insurance was advised by Herbert Smith Freehills.
This is the second buy-in agreement between WPP and Pension Insurance, following a buy-in of £140 million of liabilities across five schemes in February 2018.