CMS Guides Banknote Maker On £320M Pension Deal

By Martin Croucher (June 16, 2022, 12:32 PM BST) -- A British company, which prints money for central banks, has offloaded £320 million ($387 million) of its pension liabilities to Scottish Widows, the insurer said Thursday.

The deal for De La Rue PLC will cover the benefits of 1,400 retirees who are members of its defined benefit pension scheme.

It is the first such pension deal for De La Rue, which claims to have designed 35% of all banknotes issued around the world in the past five years, as well as printed five billion notes for the Bank of England. 

"This buy-in is a major step in the scheme's de-risking strategy...

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