Rothesay completes £120m buy-in with AQA Pension Scheme

Rothesay has completed a £120m full scheme buy-in with the AQA Pension Scheme, securing the benefits for all 869 members. 

The scheme is backed by AQA Education, a charity and exam board focused on GCSEs, A-levels and vocational qualifications. 

The deal, completed in January 2025, covers 471 pensioners and dependants, and 398 deferred members. 

WTW acted as lead adviser, scheme actuary and investment adviser. 

Meanwhile, Mayer Brown gave legal advice to the trustee, while Gowling advised Rothesay.

Katie Overton, business development at Rothesay, said: “Rothesay is purpose-built to protect pensions and we are delighted to secure the future for all of the Scheme’s members through this buy-in. 

“In a busy and competitive pension risk transfer market, the Scheme was wellprepared which enabled us to transact efficiently, providing long-term security for its members.”

Bruce Guthrie, chair of the trustees, said: “We are delighted to have completed this deal which protects the pensions of all of our Scheme members. 

“The quick execution of this transaction is testament to the excellent preparation undertaken by the Trustees and the expertise of our advisers, alongside the execution certainty delivered by Rothesay’s proven offering.”

Nick Stevens, chief finance and corporate services officer at AQA, said: “Given the buoyancy of the pensions insurance market, we knew it was important to plan and invest in our Scheme to ensure it was well-prepared. 

“To secure the pensions of all Scheme members with Rothesay represents a really positive outcome for the Scheme’s members and AQA.”

Shelly Beard, managing director at WTW, said: “This is a great example of how a well-prepared scheme can achieve a positive outcome for members in a highly competitive market, and is a testament to the collaborative effort of all involved. 

“Despite improved funding levels of many pension schemes, and the strong pipeline of transactions in the market this year, we are still seeing good pricing and capacity for small and mid-sized pension schemes approaching buy-in.”