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Leyland DAF scheme buyout

The trustee of the 5000 member Leyland DAF Pension Scheme has insured the scheme's liabilities in a £230m buyout deal with Pension Insurance Corporation (PIC). The Leyland DAF Pension Scheme was closed to new members in 1994, while the sponsoring company went into liquidation in July 1996. It has in recent years secured substantial benefits with the state pension scheme and commenced winding-up.

Aon Trust Corporation was appointed as an independent trustee to the Leyland DAF Pension Scheme in 1993.

Pension Corporation, the parent firm of PIC, said Aon would be assessing the level of surplus and considering how best it can be used for the scheme members - including the amount of any benefit improvements - as part of the winding up process.