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West Ferry Printers insures its pensions liabilities

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West Ferry Printers have completed a 130 million pension buy-in, insuring its pensions liabilities with Norwich Union.

The deal means that the firm, which owns the Financial Times and Sport Newspapers, will transfer the risks associated with paying benefits to 1,300 current pensioners to Norwich Union.

John Pannett, chairman of West Ferry Printers' pension trustees, said: "This is a tremendous result for the trustees and for the pension scheme members. The trustees were keen to improve the security of members' benefits while taking advantage of current competitive pricing in the buy-out market, and the company was fully supportive of the process."

Lane Clark & Peacock (LCP) advised West Ferry Printers on the deal. David Lane, partner at LCP, said: "This latest transaction follows hot on the heels of the recent £1 billion pensioner buy-in by the Cable & Wireless scheme and brings the total deals written this year to £7 billion."