The buy-in means that Scottish Widows will insure the pension risk of more than 4,000 of the ICI fund's pensioner members, Scottish Widows said in a statement.
The deal follows several buy-ins completed by the ICI Pension Fund since March 2014, Scottish Widows said, adding that the company has been added to the fund's trustee insurer panel to be considered for further bulk annuity deals.
The bulk annuity market, which involves insuring all, through a buy-out, or part, through a buy-in, of a company's defined benefit, or final salary, pension scheme, has become more competitive after British pensions reform slashed demand for individual annuities, which pay a fixed income for life.