Pension Insurance Corp signs $730 million deal for House of Fraser pension

LONDON (Reuters) - Pension Insurance Corporation has completed a 600 million pound ($731.40 million) insurance buyout with Britain's House of Fraser Beatties & Jenners pension scheme, the specialist pension provider said on Tuesday.

The pension scheme's main employer, House of Fraser (Stores) went into administration in August 2018 and the scheme was being assessed for inclusion in the Pension Protection Fund, a lifeboat fund which typically leads to lower benefits for policyholders.

"The terms negotiated by the trustee will mean members whose pensions have been reduced as a result of the insolvency are expected to get an uplift to their pension," PIC said in a statement.

($1 = 0.8203 pounds)

(Reporting by Carolyn Cohn; Editing by Kirsten Donovan)