The Institute of Chartered Accountants’ Staff Pensions Fund has announced a £58m partial buy-in with Pension Insurance Corporation (PIC).

The transaction secured the benefits of the 375 members who were not already insured and represented around half of the fund’s total liabilities.

Scheme sponsor, The Institute of Chartered Accountants in England and Wales (ICAEW), is the professional body for chartered accountancy, representing more than 211,600 members and students around the world.

The institute’s final salary pension scheme was available to employees of ICAEW, CABA and associated district societies. It closed to new members on 1 July 2000 and to future accrual on 30 June 2010.

Hymans Robertson acted as lead transaction adviser, with Eversheds Sutherland and Addleshaw Goddard providing legal advice.

The Institute of Chartered Accountants’ Staff Pensions Fund chair, and The Law Debenture Trust Corporation plc director, Edward Levy, commented: “The fund has been on a long-term derisking journey, and we are delighted to have concluded this latest stage with PIC. The team were flexible and constructive in helping us achieve our aims.”

PIC origination actuary, Joshua Lenz, added the insurer was pleased to have completed this transaction for the ICAEW scheme, “helping increase overall security for the members”.

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