LONDON (Alliance News) - Pension Insurance Corp PLC on Thursday said it has agreed to insure GBP900 million of the Marks & Spencer Group PLC pension scheme.
The M&S pension scheme has liabilities of GBP10 billion in total.
Graham Oakley, chair of the Marks & Spencer Pension Trust, said: "We're pleased to announce the purchase of our first buy-in policy with Pension Insurance Corp, which provides an important contribution to the trustee's ongoing objective of reducing the longevity risk in the scheme to increase the security of all members' pensions."
M&S shares were trading down 2.2% at 240.50 pence each.
On Wednesday, the FTSE 100 grocer and fashion retailer reported a moderate decline in revenue but double-digit profit growth in its recently ended financial year. Pretax profit in the year to the end of March rose 27% to GBP84.6 million, while revenue declined by 3.0% during the year to GBP10.38 billion.
Marks & Spencer (MKS)