December 4, 2018 / 7:22 AM / in 10 days

Britain's Rentokil offloads pension risks to PIC

Dec 4 (Reuters) - Rentokil Initial Plc said on Tuesday Pension Insurance Corp (PIC) had agreed to take the British pest control and business services company’s pension liabilities of 1.5 billion pounds ($1.91 billion).

The bulk annuity insurance “buy-in”, which allows Rentokil to offload its pension risks for 14,200 members, will give the company access to surplus funds.

Bulk annuities typically involve the transfer to an insurer of company-defined benefit or final salary pension schemes. ($1 = 0.7849 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sai Sachin Ravikumar)

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