Marvin OnumonuRothesay has completed a £105m buy-in with the Skipton Building Society (2015) Group Pension Scheme.
This transaction secures benefits for all 705 scheme members, which include 396 pensioners and dependants as well as 309 deferred members.
Róisín O’Shea, business development at Rothesay, said: “We are delighted to protect the pensions of all 705 members of the Scheme through this de-risking transaction.
“The Scheme was well-prepared which enabled a quick and efficient execution to secure the future for its members.
“In a buoyant bulk purchase annuity market, Rothesay continues to demonstrate the strength of its de-risking capabilities, providing innovative solutions for our clients and awardwinning customer service.”
Steve Southern, chair of the trustee at Vidett, said: “This deal represents a great outcome for the Company and the Scheme members.
“In a busy pension risk transfer market, schemes must prepare thoroughly to give themselves the best possible chance of attracting and engaging an insurer.
“The speed of this buy-in is testament to the Scheme’s planning which, combined with Rothesay’s proven offering, allowed for a rapid transaction.”
Paul Chambers, group chief financial officer at Skipton Group, said: “We are delighted that the hard work invested in preparing our pension scheme for an insurance transaction has resulted in a deal that offers future security for our members.
“The market remains hugely competitive so the upfront organisation, alongside the expertise of our advisers and execution capabilities of Rothesay, were crucial in transacting speedily.
“It is pleasing to have protected the pensions of all 705 Scheme members who can look forward to retirement with confidence.”
Chris Hawes, principal at Mercer, said: “Mercer is proud to have been part of this project. It’s a fantastic outcome for members, Trustee and sponsor and is the product of a genuinely collaborative effort to thoroughly prepare for approaching the insurance market, engage insurers in a clear competitive process, and focus on a quick and efficient transaction.”
