Trustees of the RetailLink Management Limited pension plan have put in place a deal to buyout the scheme over the next four years.
The scheme, sponsored by pub group Enterprise Inns, has exchanged its assets for a bulk annuity policy with Legal and General (L&G) as the first step.
The scheme will hold this policy as an asset while the sponsor pays the remainder of the buyout cost - an additional £9m - over the next four years.
Once the deferred premiums have been paid, the trustees intend to ask L&G to issue individual annuity policies to members and then wind-up the scheme.
Enterprise Inns announced the deal in its interim results for the six months to the end of March, published today.
It said a provision for a settlement charge of £9m would be recorded as an exceptional cost in the second half of the current financial year as a result of the transaction.
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