The Fujitsu General (U.K) Co. Limited Pension and Life Assurance Plan has completed a full buy-in transaction with Aviva.

The deal, which secures defined benefit (DB) liabilities of £7.7m (€9m) for all deferred plan members and their dependants, was carried out within the context of a new covenant and security package put in place for the plan by its sponsoring group.

The transaction is a significant step forward for the pension scheme to ensure the long-term security of members’ benefits, it announced.

Peter Thompson of Capital Cranfield, the sole trustee of the scheme, said: “It is vital that it remains possible to carry out small transactions such as this as well as the large ones which gain most publicity. We are grateful that our advisers and Aviva have been able to support this transaction so effectively.”

CMS provided the scheme legal advice, while Isio was the actuarial and investment adviser.

James Staveley-Wadham of Isio said: “Our innovative approach to securing benefits with insurers is proving successful for both the smaller pension schemes and the larger deals we undertake for our clients.”

In May, another Fujitsu pension scheme – the ICL Group Pension Plan –insured its longevity risk over £3.7bn (€4.3bn) in liabilities with Swiss Re providing the reinsurance coverage.

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