BREAKING NEWS

BREAKING NEWS

Pension Insurance Corp agrees 600 million pound buy-in deal with Wolseley UK

Now Reading:

Pension Insurance Corp agrees 600 million pound buy-in deal with Wolseley UK

Text size Aa Aa

LONDON (Reuters) – Pension Insurance Corporation said on Monday it had agreed a pension insurance deal with the trustees of the Wolseley Group Retirement Benefits Plan for a premium of around 600 million pounds. The deal, structured as a ‘buy-in’, covers all of the pensioner liabilities associated with the scheme, PIC said in a statement. Wolseley UK is the operating subsidiary of Ferguson <FERG.L>. “Over the past couple of years we have matched an increasing amount of our assets and liabilities and this strategy has now allowed us to take advantage of market conditions and fully insure these liabilities,” David Illingworth, chairman of trustees of the pension scheme, said.

(Reporting by Simon Jessop; editing by Carolyn Cohn)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.