The Cancer Research UK Pension Scheme has completed a £250m buy-in with Canada Life.
The deal removes the risk associated with the scheme’s current pensioners, which is around a third of its obligations.
The buy-in is part of the charity’s strategy to reduce risk in its pension scheme. Previous attempts have included reducing exposure to equities.
Trustee chairman Graham Parrott said this was a “well timed” and “efficiently executed” deal that benefits members as well as the sponsor.
Cancer Research UK chief finance office Ian Kenyon said the transaction improves the funding position of the scheme and reduces the risk of contributions increasing in the future.
“This is another action which serves to reduce the charity’s cost base to concentrate spending on research,” he added.
