The Institute of Chartered Accountants Staff Pension Fund has completes a £24m medically underwritten buy-in with an undisclosed insurer.

The buy-in covers the scheme's highest liability pensioner members.

Detailed health information gathered from telephone discussions with pensioners allowed the scheme to obtain a competitive buy-in quotation.

David Illingworth, chair of FCA Ltd, trustee of the Institute of Chartered Accountants Staff Pension Fund, said: "The trustee is delighted to have been able to manage its fund's concentration of risk with this tailored and cost effective solution."

Hymans Robertson, who advised the £200m, said that a small number of pensioners represented a very large proportion of the Institute of Chartered Accountants Staff Pension Fund's liability.

Hymans Robertson partner and head of buy-out solutions James Mullins said: "We are seeing rapidly growing interest from pension schemes of all sizes in this interesting area, and as a result, I expect medically underwritten buy-in to reach £500m by the end of 2014."

First published 11.02.2014

monique_simpson@wilmington.co.uk