CMS Guides £1.8B Pension Deal For Tobacco Giant

By Martin Croucher (January 13, 2022, 12:43 PM GMT) -- A retirement savings plan for employees of a U.K. tobacco giant has insured £1.8 billion ($2.5 billion) of liabilities with Standard Life, the insurer said on Thursday.

The deal, known as a bulk purchase annuity, will protect against the risk of changes to the cost of providing benefits to 6,600 members of the Imperial Tobacco Pension Fund.

"This buy-in was the culmination of many months of hard work and close collaboration between a number of parties, largely while working remotely, and we are pleased to announce this at the start of the new year," David Fripp, independent trustee of the pension...

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