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£2.7bn insurance deal executed for Thales UK

We are delighted to announce that we have completed a £2.7bn transaction to insure all liabilities of the Thales UK Pension Scheme (the “Scheme”). The transaction was executed after reaching an agreement with Thales, a global high technology leader, which sponsors the Scheme through its UK subsidiary Thales UK Limited.

The full scheme transaction secures the benefits for all members of the Scheme which includes defined benefit liabilities for 10,512 pensioners and dependants and a further 5,915 deferred members.

This transaction is the twelfth pension scheme Rothesay has been able to assist in 2023, resulting in new business for the year of £12.7bn.

Sammy Cooper-Smith, Head of Business Development at Rothesay, said: “We are delighted to welcome more than 16,000 members of the scheme to Rothesay. Our extensive execution capabilities, particularly in relation to large and complex transactions, meant we were able to work with the Trustee and Sponsor to successfully navigate a number of unique aspects of this transaction quickly, including deferred premiums, purchasing and underwriting of illiquid assets and completing residual risk due diligence. As we near the end of one of our busiest ever years, 2024 is already looking incredibly exciting for our market with an unprecedented pipeline as an even greater number of schemes seek insurance solutions.”

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