DXC Technology transfers $1 billion in U.K. pension liabilities – Pensions & Investments

DXC Technology Co., Ashburn, Va., purchased a group annuity contract from an insurance company to transfer $1 billion in U.K. pension plan liabilities.
The purchase was completed during the fiscal year ended March 31, according to its 10-K filing with the SEC on Friday.
As a result of the annuity purchase, the undisclosed insurer took on the responsibility of paying benefits to about 5,000 U.K. pension plan participants, according to the filing.
As of March 31, the company’s global pension plan assets totaled $7.64 billion, while projected benefit obligations totaled $6.94 billion, for a funding ratio of 110.1%, according to the filing. The filing did not break down assets and liabilities by region.
Company spokesman Sean Pasternak could not be immediately reached for further information.
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