LONDON, July 10 The Merchant Navy Officers
Pension Fund (MNOPF) said on Thursday it had agreed a deal to
transfer 1.3 billion pounds ($2.21 billion) in liabilities to
insurers Rothesay Life and Legal & General.
Around 40,000 members of the fund's 'Old Section' will now
get their pension paid directly by the insurers, and means all
pension entitlements from this section of the fund, which closed
in 1978, are now fully insured, the fund said in a statement.
"Overall our members will enjoy greater security than most
pension fund members, thanks to the regulatory and capital
requirements for insurers, which are more rigorous than those of
most pension funds," MNOPF Chairman Peter McEwen said.
In a so-called 'buy-out' deal, the scheme transfers all
liability for running the scheme to the insurance company.
($1 = 0.5877 British Pounds)
(Reporting by Simon Jessop)