Two WPP sponsored pension schemes have completed a further combined £250m buy-in with the Pension Insurance Corporation (PIC).

This is the second buy-in agreement between WPP and PIC, with the latter having insured £140m of defined benefit pension fund liabilities ranging across five WPP pension schemes in February 2018.

Communications giant WPP employs over 200,000 people in over 3,000 offices across 112 countries, providing services such as advertising & media investment management, data investment management, public relations & public affairs and branding & identity.

The transaction was led by Mercer, who advised both the trustee and the company, with further advice provided to the parties by Sackers, Addleshaw Goddard and Herbert Smith Freehills.

Trustee chair of the two WPP schemes, Peter Docking, said: “I’m pleased that we have successfully completed this buy-in, which brings further security to our pension scheme members.

"PIC provided us with a tailored risk transfer solution, and I am grateful for their flexibility and dedication in achieving this outcome. I’d also like to thank our advisers, Mercer and Sackers.”

PIC chief origination officer, Jay Shah, said the company had continued to see “a healthy pipeline of new business” despite the coronavirus crisis, adding that the business’ focus on “paying the pensions of our current and future policyholders puts us in a strong position to deliver for all our stakeholders in the current environment”.

Mercer principal, Chris Hawes, said: “We are delighted to have helped WPP over several years reach the position where virtually all their legacy UK defined benefit obligations are now insured. This is an excellent outcome for all parties.”

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