GlaxoSmithKline Purchases Bulk Annuity Contract for Pension Plan

The Trustees of the GlaxoSmithKline pension plan have entered into a bulk annuity purchase agreement with Prudential UK.

GlaxoSmithKline ("Glaxo") will purchase bulk annuities from Prudential to cover approximately 15 percent of its UK defined benefit pension plan.

The total value of the transaction is estimated to be approximately 900 million pounds Sterling.

Source: PR Newswire

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