Cadbury opts to de-risk pension scheme

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Birmingham-based confectioner Cadbury has become the latest firm to de-risk its pension scheme, having signed a £500 million buy-in deal with Pension Insurance Corporation (PIC), protecting about a fifth of its £2.5 billion liabilities.

Speaking to Life & Pensions, David Collinson, a partner with PIC who advised on the deal, said it was centred on a tranche of about a third of the scheme’s 30,000 members and had not involved other de-risking options, such as enhanced transfer value (ETV) exercis