Cadbury and Berkshire council pay insurers for pensions

Cadbury has passed £500m of pension liabilities to Pension Insurance Corp and the Royal County of Berkshire has paid Swiss Re £1bn to cover pensioners living longer, the FT reports.

Aon Consulting helped arrange the Cadbury deal.

The Telegraph added that Pension Insurance Corporation gives Cadbury a bulk annuity policy as part of the deal. It takes responsibility for the pensions of 10,000 retired workers.

Bloomberg reported that a Cadbury spokesperson said: “The trustees are independent of Cadbury. This is a decision made by them for sound financial management of the pension fund.”