UK insurer Prudential has acquired £272m of assets from a local-government pension fund, in a rare pensions buyout deal involving a closed public-sector scheme.

The West Midlands Integrated Transport Authority, now rebranded as Centro, has arranged the buyout of a portion of its £400m section of the giant £7.7bn West Midlands Pension Fund. Consultancy Mercer advised on the deal, and confirmed it this morning.