The deal covers the benefits of approximately 330 scheme members, who are part of the insurance professional body, including around 150 current pensioners.
This represents another move in the scheme’s derisking strategy and marks the end of several year’s planning and collaboration between the trustees, the Institute and advisors Mercer.
Following this, the scheme will now be moved into the next steps to finalise the buy-in policy, with the support of Legal and General.
Legal advice for the transaction was provided to the trustees by Stephenson Harwood.
Julian Hobday, the origination and execution director of Legal and General Retirement Institutional, said: “We are delighted to have been chosen by the Trustees to secure their members’ benefits and we look forward to working with them as they move towards buyout.
“Once again, we have demonstrated Legal and General’s ability to provide effective de-risking solutions for schemes of all sizes.”