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£1.4bn buy-in for Rexam Pension Plan

We are delighted to announce that we have completed a £1.4bn full scheme buy-in with the Rexam Pension Plan (the “Scheme”). The Scheme is sponsored by Ball Corporation (the “Sponsor”), a supplier of innovative, sustainable aluminium packaging solutions for beverage, personal care and household  products.

The transaction secures the benefits for over 14,000 members of the Scheme which includes defined benefit liabilities for 9,790 pensioners and dependants and a further 4,330 deferred members.

The buy-in is a single premium insurance policy covering residual risks and no contribution was required from the Sponsor.

The buy-in was one of 12 pension schemes Rothesay was able to assist in their de-risking journey in 2023, resulting in total new business premiums for the year of £12.7bn.

Cleo Taylor Smith, Business Development at Rothesay, said: “From our first meeting with the Scheme and Sponsor it was clear that there was a strong cultural fit between our organisations and we are delighted to have worked so collaboratively together to secure the future for over 14,000 members. It has been a pleasure to work with the Trustee to reach such a successful outcome.

Last year was one of Rothesay’s busiest ever, with £12.7bn marking the second largest volume of annual new business we’ve ever completed. 2024 is looking equally, if not more, exciting with a currently unprecedented pipeline. Rothesay’s strong capital position and proven capability to execute large and complex transactions, like for the Rexam Pension Plan, mean that we are very well-placed to meet this opportunity.”

Click here for the full press release