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.
Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.
Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.
Our Mission
To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.
Main Office
685 Third Avenue
Tenth Floor
New York, NY 10017-4036
Chicago Office
130 E. Randolph St.
Suite 3200
Chicago, IL 60601
Contact Us
Careers at Crain
About Pensions & Investments
