December 16, 2014 – New York – MetLife, Inc. announced today that the company has signed an agreement with TRW, a subsidiary of TRW Automotive Holdings Corp for MetLife to provide pension benefits to 7,045 retirees and current beneficiaries in TRW’s defined benefit plan in a $440 million transaction.
“MetLife is pleased to be working with TRW on this transaction,” says Wayne Daniel, Senior Vice President, U.S. Pensions, MetLife. “Our expertise in managing transferred pension liabilities allows our clients to do what they do best – focus on their core business – while feeling secure that their risks are well managed and their retirees’ and beneficiaries’ pensions are protected. Our goal is to create value for TRW’s shareholders by enabling TRW to reduce the risk and volatility associated with managing their pension plan.”
This transaction follows TRW’s announcement last month that the company had entered into a partial buy-out agreement with Legal & General Assurance Society related to £2.5 billion ($3.9 billion) of their U.K. pension scheme. Both transactions are part of TRW’s overall plan to reduce its pension liabilities in the U.K., U.S. and Canada.
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