Rothesay completes third buy-in with National Grid for £900m
We are delighted to have completed a £900m buy-in with the National Grid UK Pension Scheme (‘the Scheme’). The transaction takes the total value of the Scheme’s de-risked liabilities with Rothesay to £4.5bn following a previous £800m buy-in in 2020 and a £2.8bn buy-in 2019.
This third transaction covers 7,130 uninsured pensioners of the Scheme, made up of both recent retirees and pensioners who have been in payment for a number of years. Rothesay’s in-house asset management team therefore sourced both longer and shorter dated assets to support the nature of the Scheme’s pension liabilities now secured, ensuring competitive pricing in a buoyant market.
Roisin O’Shea, Business Development at Rothesay, commented: “We are delighted to work in partnership with the Scheme again to insure a further 7,130 pensioners and their dependants. Rothesay is dedicated to providing innovative solutions for its clients and we worked with the Trustee of the Scheme to create a bespoke solution that met their objectives. Rothesay continues to deliver on its purpose of securing the future for the over one million pensions it protects, supporting schemes’ commitment to providing the highest level of retirement security for their members through an insurance transaction.”