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Rothesay completes £240m buy-in for KLM UK Pension Scheme

The deal protects the pensions of 1,852 scheme members, including 924 pensioners and their dependants and 928 deferred members. 

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Rothesay completed a £240m buy-in for the KLM UK Pension Scheme, sponsored by KLM Royal Dutch Airlines. 

The deal protects the pensions of 1,852 scheme members, including 924 pensioners and their dependants and 928 deferred members. 

The transaction was completed in December 2025.

EY acted for the company, while Capita Pension Solutions represented and advised the trustees. 

Rothesay and the trustees received legal advice from Debevoise & Plimpton and Sackers.

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Roisin O’Shea, business development at Rothesay, said: “Rothesay is dedicated to protecting the pensions of nearly a million people and we are delighted to secure the future for members of the Scheme. 

“Rothesay’s proven execution capabilities enabled a very quick process, with the transaction completed within two months of the Scheme approaching the market and signing just two weeks following exclusivity. 

“As pension scheme demand to secure members’ benefits remains strong, Rothesay continues to be well-placed to respond to the significant pipeline of opportunities we are seeing.”

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Albert Smidt, chair of the trustee transaction committee, said: “The Trustees of the KLM UK Pension Scheme are very pleased to have reached this important milestone in our journey towards de-risking the Scheme and securing members’ benefits. 

“The Sponsor KLM has always been supportive of the Scheme, even in times when it was in a less favourable condition. 

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“We prepared this buy-in on a short timescale, in close cooperation with the Company and the support of our Scheme advisors Capita Pension Solutions and Sackers and EY as company advisor.”

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Smidt added: “As chair of the project team, I am particularly proud of the outcome and the smooth process we have been able to organise together. A big compliment to all involved.”

Eimear Kelly, UK pensions partner at EY, said: “We are delighted to have been at the heart of this transaction, working closely with all stakeholders to secure members’ benefits and de-risk the pension scheme. 

“This transaction demonstrates that executing a buy-in within an ambitious timeframe is possible while still achieving strong outcomes for all parties. 

“Early preparation and Rothesay’s proven execution capabilities enabled the Scheme to move quickly.”

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Kelly added: “Even in a busy market, schemes that are thoroughly prepared can confidently access the insurance market to protect their members’ pensions.”

Colin Parnell, director of risk transfer at Capita Pension Solutions, said: “We are very happy to have helped the Trustees and their members to achieve this goal after two decades of advising the Trustees. 

“Our intimate knowledge of the Scheme, strong collaboration with all stakeholders and total commitment to every milestone enabled this last step to be completed successfully and in a very short timescale, completing the buy-in within just two weeks after entering exclusivity with Rothesay.”

Adeline Chapman, partner at Sackers, said: “We’re delighted to have supported the Trustees on this important step in securing members’ benefits. 

“Working closely with the Trustees, Rothesay, and the wider advisory team, we focused on a balanced, pragmatic approach that delivered certainty at pace while maintaining robust governance throughout. 

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“The result is a de-risking step that provides long-term security for members and reflects the Scheme’s careful planning.”

Chapman added: “In short, getting this buy-in done in a tight timeframe was all about good preparation and excellent teamwork.”

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