The Fremantle Group Pension Plan has secured a buy-in with Pension Insurance Corporation (PIC), covering around £47m of pensioner and deferred liabilities.

FremantleMedia, a creator, producer and distributor of television brands, and the scheme's trustee were advised by KPMG.

Mark Riddleston, FremantleMedia group finance director, said: "The buy-in is the next stage in our de-risking plan. This has been a collaborative and positive process that has allowed all parties to reach their desired goals.

"From the company's perspective, locking down risk and removing volatility was key, whilst also making sure that members benefited from the enhanced security for their pensions afforded by the insurance regime. The PIC team was flexible throughout the transaction."

KPMG partner Ben McDonald said that the deal marked a "significant milestone" in FremantleMedia's pensions de-risking strategy.

PIC actuary Uzma Nazir said: "We are delighted to have been able to design a transaction to meet both the trustee's and sponsor's needs, with pricing terms that were within their targets.

"We expect to see further transactions involving deferreds as well as pensioners in 2014 if market conditions remain as they are or improve."

First published 13.05.2014

monique_simpson@wilmington.co.uk