£440m buy-in secured for P&O
We are delighted to announce that we have completed a £440m buy-in with the P&O Pension Scheme (the “Scheme”), securing the benefits for 5,300 members.
The buy-in means that the benefits for all the Scheme’s members are now insured by Rothesay. The Scheme previously completed a buy-in to cover its existing pensioners in 2007 with Paternoster, which was acquired by Rothesay in 2011.
Róisín O’Shea, Business Development at Rothesay, said: “It is always pleasing when an existing client chooses to work with us again to protect its members’ pensions and we are delighted to secure the benefits of the remaining members of the Scheme through this second buy-in. Rothesay’s capital strength, dedicated pricing team and proven ability to execute means we are incredibly well-placed to convert the exciting new business opportunities we are continuing to see in a very buoyant bulk annuity market.”