Liberty International Group Pension Scheme

LONDON, February 4 /PRNewswire/ --

- Pension Insurance Corporation Insures the FTSE 100 Liberty International Defined Benefit Pension Scheme

Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that Pension Insurance Corporation is to insure the Liberty International Group Retirement Benefit Scheme.

In return for fully insuring the liabilities of the Scheme, Pension Insurance Corporation will receive assets amounting to GBP61 million, comprising GBP46 million in Scheme assets and GBP15 million additional company contribution. The Scheme has 203 members.

Liberty International PLC is one of the UK's largest listed property companies and a constituent of the FTSE 100 Index of the UK's leading listed companies. At 30 June 2009, adjusted, diluted shareholders' funds amounted to GBP2.6 billion and Liberty International owned GBP6.1 billion of properties; UK regional shopping centres comprised 73 per cent and retail property in aggregate 86 per cent. Liberty International converted into a UK Real Estate Investment Trust (REIT) on 1 January 2007.

David Bramson, Chairman of the Scheme Trustees, said:

"Pension Insurance Corporation offers a strong proposition in securing member benefits for the long term. I am very pleased that we were able to conclude the transaction with PIC. The PIC team was very helpful and constructive in negotiations, helping us to achieve the best overall result for our members."

Akash Rooprai, a Principal at Mercer, said:

"In its role as lead adviser and broker for this transaction, Mercer helped the trustees to explore a range of potential solutions. PIC's flexible approach and efficient execution helped them win this contract."

John Coomber, Chief Executive, Pension Insurance Corporation, commented:

"We are delighted to have been able to help Liberty International and its pension fund trustees bring security to the benefits of its members. Liberty deserves credit for using corporate resources to help achieve this. This is the second FTSE 100 risk transfer transaction which PIC has completed and I look forward to further transactions during 2010."

About Pension Corporation

Pension Corporation is a leading provider of risk management solutions to the trustees and sponsors of defined benefit pension funds. It oversees pension fund liabilities of c.GBP6 billion and is affiliated to more than 100,000 pension scheme members or former members. Its FSA authorised and regulated insurance company, Pension Insurance Corporation ("PIC"), brings safety and security to scheme members' benefits through innovative, tailored solutions. These include pension insurance buyout or buy-in and longevity risk management. It has transacted both the UK's largest and the first public sector backed pension insurance buyouts. Other clients include FTSE 100 companies and several multinationals. PIC is proud to work with pension fund trustees to maximise member benefits. For further information please visit http://www.pensioncorporation.com

For further information:      Pension Corporation    Jeremy Apfel         +44-20-7105-2140      Financial Dynamics     Rob Bailhache        +44-20-7269-7200                            Nick Henderson       +44-20-7269-7114