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06-Jun-08 11:30 [Pensions]
Delta pension scheme buy-out The Pension Insurance Corporation (PIC) has bought Delta Pension Plan's defined benefit scheme for a reported £600 million.
Industry publication Global Pensions reports that the PIC has taken control of Delta's scheme assets and also contributed an extra £49.7 million to clear liabilities by the end of the year.
The deal was reached after consultative process with advice given by PricewaterhouseCoopers.
David Collinson, head of liability acquisitions, Pension Corporation, said: "We'd been talking to Delta for well over two years. They’ve known us for a long time and talked to a large number of pensions buyout providers."
Mr Collinson added that the PIC is very active at the moment and is currently in talks with over 50 companies.
It was stated that following news of the deal, Delta's company share price went up, indicating the various possibilities of buyouts.
The PIC recently signed the Swan Hill Pension Scheme worth £72 million, marking the entrance of the PIC into the defined benefit fund buy-out market.
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