Private equity group 3i is to offload responsibility for a £200m chunk of its pension plan to Pension Insurance Corporation, giving a boost to a pensions transfer market that has been a quieter than usual this year.

The deal takes the form of a so-called "buy in", a partial transaction that leaves the 3i Group Pension Plan in place and functioning, but with £200m of its assets transferred to PIC in exchange for a contract covering 40% of its pensioner payments.