Members secured

34,000

Value

£680m

Type

Full buy-out

Impact

  • Joint project with the trustee to wind up the Old Section of the pension fund and streamline policy administration before completing buy-out
  • Additional cover provided for changes in data and any missing beneficiaries
  • Series of transactions with Rothesay allowed the scheme to secure all their liabilities and wind-up

Highlights

Unique administrative arrangement

In conjunction with the Trustees of the MNOPF scheme, L&G and HMRC, Rothesay built a unique administrative arrangement to provide a seamless member experience
All policyholders will receive a single pension payment and have one contact point for queries, even if they have pensions with Rothesay, L&G or the MNOPF New Section
This service was promoted during a series of 10 roadshows across the UK in 2014 where Rothesay  met with policyholders to explain the changes – the feedback was overwhelmingly positive

Additional cover for residual risk

The policy covers liabilities for members who have not yet claimed their pension, and the cost of corrections to benefits in the event of historic errors