Wragge & Co LLP Pensions team has advised the trustee of the Delta Pension Plan on a £451 million deal. In one of the largest such deals on record, Pension Insurance Corporation (PIC) will take on financial responsibility for the majority of pensioner benefits under the plan.

Under the transaction, the pensioner liabilities will be insured with PIC in exchange for asset transfers from the fund of approximately £400 million and a cash payment funded by Delta of £49.7 million. The plan has 10,000 retired members and a total fund of over £600 million.

Partner Jason Coates said: "This transaction is good news for all members of the Delta Pension Plan, whether pensioners or not. With this deal and our work on last year's ground-breaking Emap pensions buyout, we are establishing a reputation as one of the leading teams for innovative advice and solutions in respect of liability management."

David Pearce, Chairman of the Trustee, said: "The trustee of the Delta Pension Plan is pleased to have concluded this transaction for the benefit of all of the members. We are very grateful to all of our advisers, including the Wragge & Co Pensions team, for their support and guidance through a challenging transaction."

Jason Coates led a Wragge & Co team, which comprised partner Paul Feathers, associate Ben Blunsdon and solicitor Amy Aldridge. They worked closely with David Pearce and the trustee's lead adviser, Darren Redmayne from Lincoln International. Robert Birmingham, the plan's actuary from Xafinity Limited, and Mike Smaje, the plan's investment adviser, also supported the trustee.

This is the latest, large-scale pension buyout the team has successfully completed. Last year its experts advised the trustees of Emap plc's defined benefit pension schemes on an innovative buyout deal with Paternoster.

Delta plc is an international engineering company, whose businesses include Engineered Steel Products, Galvanizing Services and Manganese Materials. The group is headquartered in the UK and listed on the London Stock Exchange. PricewaterhouseCoopers LLP and CMS Cameron McKenna advised Delta plc.

PIC is a provider of insurance solutions for pension schemes, insuring some or all of a scheme. The wider Pension Corporation group currently manages assets of over £4.75 billion. Clifford Chance advised PIC.

Wragge & Co's pensions practice is one of the largest in the UK. Its 35 lawyers provide creative and commercial advice on contentious and non-contentious matters. Clients include the Rolls Royce Pension Fund, EMAP and Philips Pensions Trustees Limited.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Amie Ryalls on +44 (0)121 213 2360

This press release may contain information of general interest about current legal issues, but does not give legal advice.