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Aon completes $1.3 billion buy-in deal for its U.K. pension plan

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Aon completes $1.3 billion buy-in deal for its U.K. pension plan

U.K.-based Pension Insurance Corp. said Thursday that it has completed a £900 million ($1.30 billion) pension buy-in deal with Aon P.L.C. involving the brokerage's pension plan for U.K. employees and retirees.

Buy-in deals, which are common in the United Kingdom, allow employers to transfer pension liabilities to an insurer, which assumes the obligations in exchange for receiving plan assets or other compensation.

Full terms of the Aon deal were not disclosed.

“We are very pleased to have been able to conclude this transaction at a time of considerable market volatility. By securing this buy-in asset, we have taken a significant step in our long-term de-risking plan,” David Burton the independent chair of trustees for the Aon pension plan, said in a statement.