MetLife US pensions senior vice-president Wayne Daniel said: "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."
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The recent deal is in line with TRW strategy when the company agreed to a $3.9bn pension deal with UK insurer Legal & General Group last month.
According to the US-based life insurer, both transactions are part of TRW’s overall plan to reduce its pension liabilities in the UK, U.S. and Canada.
For this US transaction, TRW bought a group annuity contract from MetLife to enable it to take over pension payments to the retirees and beneficiaries covered by the agreement. Now TRW is responsible for making these monthly payments after completion of the transaction.
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