£1.4bn buy-in secured for Safeway
We are pleased to announce that we have completed a £1.4bn buy-in with the Safeway Pension Scheme. The scheme is sponsored by Wm Morrison Supermarkets Limited, one of the UK’s largest grocery retailers.
The transaction secures the benefits for all remaining uninsured members of the scheme - defined benefit liabilities for over 7,200 pensioners and dependants, as well as around 15,300 deferred members. It is the second time Rothesay has worked with Morrisons in short succession, and we now insure over £2.1bn of the company’s pension liabilities.
The buy-in, which required no contribution from Morrisons, was achieved through an accelerated process supported by the scheme’s readiness as it came to market, helping the trustee and company lock in security for members quickly.