Life assurer Friends Provident has insured about ÃÂ£350m (Ã¢ÂÂ¬439m) of its approximately ÃÂ£1bn pension liabilities with Norwich Union, while continuing to pay its pensioners directly, in what is the first "buy-in" of a FTSE100 company's retirement scheme.

The deal also marks the second transfer of a FTSE100 company's pension liabilities to a specialist pension insurer and also Norwich Union's first major deal of this kind.

Friends Provident completes ÃÂ£350m pensions 'buy-in'

Johanna Symmons

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