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Pension Insurance completes pensioner buy-in with Siemens

Pension Insurance Corp. PLC has completed a £1.3 billion pension insurance buy-in with the trustees of the Siemens benefits scheme in the U.K.

Pension Insurance will assume the liabilities of 6,000 pensioners.

The trustees were advised by Aon, with legal advice provided by Sackers. Siemens PLC was advised by KPMG, while Pension Insurance was advised by CMS.