Marvin OnumonuRothesay has completed a £105m buy-in deal covering two pension schemes linked to Mativ Holdings Inc, a global materials company.
The transaction secures the pensions of 1,341 members across both schemes.
The buy-in covers £100m of pension benefits for the Scapa Group Limited Pension Scheme, which is sponsored by Scapa Group Limited.
This includes 843 pensioners and their dependants, plus 413 deferred members.
Rothesay has also insured £5m of benefits for the Fibermark UK Pension Plan, sponsored by Neemah Red Bridge International Limited, covering 37 pensioners and dependants and another 48 deferred members.
Mercer acted as lead risk transfer adviser, with legal advice to Rothesay from Eversheds Sutherland. Trustees were advised by Pinsent Masons.
Roisin O’Shea, business development at Rothesay, said: “Rothesay is committed to providing bespoke de-risking solutions for all of its clients and we are pleased to now protect the pensions of both Schemes, delivering on the Trustees’ commitment to secure the future for their members.
“The pension risk transfer market continues to be busy and competitive as schemes of all sizes seek an insurance transaction as part of their long-term endgame strategy.”
Rebecca Wood at Vidett and chair of trustees, said: “Completing this buy-in is an important step for the Schemes in providing pension security for all of our members.
“Rothesay’s proven execution capabilities and ability to innovate enabled a smooth transaction despite the more complex multi-scheme arrangement.”
John Martin, principal at Mercer, said: “The pensions de-risking market remains highly competitive yet this transaction demonstrates that there is capacity for all well-prepared schemes to secure the future for their members – even complex ones.
“It is fantastic to have executed this transaction and achieved a positive outcome for the Employer, the Schemes and their members.”
