FILE PHOTO: A sign is seen outside a branch of ASDA in Altrincham, Britain April 30, 2018. REUTERS/Phil Noble LONDON (Reuters) – Walmart’s (WMT.N) Asda has agreed a 3.8 billion pounds ($4.9 billion) ‘buy in’ with Rothesay Life to secure the benefits for 12,300 members of one of its pension schemes, in a deal that simplifies its balance sheet ahead of a possible standalone listing. The British supermarket group said the deal will be followed by a full buy-out of the scheme in late 2020 or early 2021 after it had paid a one-off final contribution of about $1 billion. Walmart CFO Richard Mayfield said the company was delighted to be able to secure the pensions of its members with a leading, well financed insurer such as Rothesay Life. “This transaction is good news for members of the scheme, simplifies the Asda balance sheet and will transfer our pension liabilities at a competitive price,” he said. Rothesay Life said it was seeing an increasing number of very large schemes, with strong corporate sponsors, looking to insure pension liabilities, a trend that resulted in it writing a record level of pension business in 2019. It said it now insured more than… Read full this story
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