LONDON (Reuters) - Just Retirement Group (L:JRG) said on Tuesday it had completed its largest ever defined benefit pension de-risking deal and was confident of meeting its full-year sales targets.
The 75 million pounds deal was structured as a buy-in deal and contracted in September, it said in a statement, although it gave no further details as all the members of the scheme in question had yet to be informed.
A pension buy-in deal involves the pension scheme trustees ceding responsibility to pay the scheme members to an insurer and involves the scheme transferring a premium to the insurer, which in turn pay out income to the scheme members.
(Reporting by Simon Jessop; Editing by Nishant Kumar)