C&J Clark Pension Fund has completed a £540m buy-in with Pension Insurance Corporation (PIC), securing the pensions of almost 5,000 pensioners and dependants and over 3,000 deferred policyholders.

It follows the scheme's first buy-in with PIC, for £280m in 2022, and means the PIC has now insured all £820m of the fund's defined benefit (DB) liabilities.

Isio advised Clarks, who also received legal advice from Burges Salmon, while the trustee received legal advice from Travers Smith, investment advice from WTW, and covenant advice from Penfida. CMS advised PIC.

C&J Clark Pension Fund chair, Libby Edwards, commented on the deal: "We're delighted to have completed this transaction with PIC, which secures the long-term security of all our members' benefits.

"Our experience of PIC's customer service following the previous transaction meant choosing to work with them again was an easy decision."

Clarks' chief financial officer, Philip Yau, added: "We are pleased to achieve our long-standing ambition to fully buy into the C&J Clark Pension Fund, which is a major step in fully securing members' benefits while eliminating pension-related balance sheet volatility.

"We would like to thank the fund trustee and the support of all the advisers for their hard work in achieving this milestone."

PIC head of new business strategy, Deepash Amin, said the company was "delighted" to extend its relationship with the fund and its members.

"It is always rewarding to complete repeat business with clients who have had first-hand experience of our exceptional customer service."

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