Liberty 'de-risks' pension scheme with payment

FTSE 100 property group, Liberty International, has “de-risked” its defined benefit pension scheme by having it insured by the Pension Insurance Corporation (Pic).

Pic will insure Liberty’s pension obligations through a buy-in deal worth £61 million, comprising £46 million in scheme assets and a top-up payment of £15 million from Liberty.
 

It’s untenable to have a normal retirement age in public-sector schemes that is significantly different from the state retirement age

Brian Bailey, Director of pensions, West Midlands Pension Fund and member of High Pay Commission