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£260m buy-in secured for Smith & Nephew

We are delighted to announce that we have completed a £260m buy-in transaction with the Smith & Nephew UK Pension Fund (the “Fund”). This transaction completes the Fund’s objective of insuring all of its members’ benefits with Rothesay, following previous buy-in transactions in 2013, 2017 and 2022. This latest transaction secures the benefits for all remaining uninsured members of the Fund with Rothesay, including 1,885 pensioners and dependants, and 2,315 deferred members.

The Fund is sponsored by Smith & Nephew UK Limited, a portfolio medical technology company.

LCP acted for the Trustee as the lead broker on the transaction. Eversheds Sutherland and DLA Piper provided legal advice to Rothesay, and Travers Smith provided legal advice to the Trustee.

Katie Overton, Business Development at Rothesay, said “We are very happy to have helped the Smith & Nephew UK Pension Fund complete its de-risking journey, securing the benefits of all its members.”