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The buyout will be preceded by a buy-in, and is only expected to be completed in 2022.
“Over five years ago the Trustee decided that the best way to provide maximum security for our members in the long term would be to achieve buyout. Thanks to support from our sponsor telent, and to an innovative investment strategy based on credit assets, we are now close to achieving our target," said trustee chair Brian Duffin.
Heather Green, CFO of telent, said: “The Trustee of the GEC1972 Plan has done a fantastic job to eliminate the significant funding deficit that existed in the Plan only 10 years ago and get the scheme to a position where it can benefit from the hugely more secure future that this transaction provides."
She added: “For telent, being the sponsor of a scheme many times larger than our business was not ideal. We can now look forward to focusing more of our investment in our already successful technology solutions business.”