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Rothesay Life agrees £170m full buy-out with Toshiba

Rothesay Life, one of the leading life insurers specialising in providing de-risking solutions to UK defined benefit pension schemes, is pleased to announce that it has insured the defined benefit liabilities for the Toshiba Pension and Assurance Scheme.

Transaction highlights:

  • The transaction covers around 1,350 former employees of Toshiba UK, based in Plymouth and Guildford
  • The benefits are largely for deferred members who have not yet retired
  • Single premium bulk annuity providing the corporate with certainty over its pension liabilities
  • The Scheme will proceed to completion of the wind-up

In the process of choosing an appropriate insurer and negotiating terms, the Trustee of the Toshiba Scheme was advised by PwC and Rothesay Life by Gowling WLG.

Guy Freeman, Co-Head of Business Development at Rothesay Life, said: “We are delighted that Rothesay Life is insuring the pension benefits for Toshiba.  The advantages of having a sole trustee in place to secure a bulk annuity were very apparent. Working directly with 20-20 Trustees made this execution process highly efficient.”

“With a large proportion of deferred members this is another illustration of Rothesay Life’s strength in securing long-dated liabilities. Corporate appetite to remove pension risk continues to grow and our de-risking pipeline is bigger than ever.”

Antony Miller, CEO of 20-20 Trustees, the sole Trustee, said: “We are pleased to announce this transaction which secures the long-term benefits for the Toshiba Scheme members. This positive outcome was implemented within a short time-frame thanks to Rothesay Life’s expertise, excellent execution and collaboration with our advisers and to Toshiba, who supported this outcome throughout the process.”



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About 20-20 Trustees

2020 Trustees was established in 2013 and very quickly established itself as the firm of choice for employers and trustee boards with problems that need immediate and innovative solutions. It operates out of Manchester, Nottingham and London employing some thirty staff including eleven Trustee Directors and Associate Directors, all of whom are professionally qualified.  Whilst 2020 Trustees work with many well-funded pension schemes on an ongoing basis, they have also gained an enviable reputation with regard to ‘difficult situations’ – distressed schemes that often require complex and unusual solutions, and where their expertise and innovative approach can offer a fresh perspective and add real value.

About Rothesay Life

Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the U.K. market for pensions de-risking, making over £2bn of payments in respect of over 750,000 end customers each year. This strong growth has been achieved through the steady accumulation of pension scheme clients, significant strategic acquisitions and the reinsurance of annuity portfolios.

Existing Rothesay Life pension fund clients include the trustees and members associated with such names as RSA, British Airways, Rank, Uniq, General Motors, the MNOPF (Merchant Navy Officers Pension Fund), InterContinental Hotels, Philips, GKN, the Post Office and the Civil Aviation Authority.

Rothesay Life was founded on several core pillars:

  • Clear and disciplined business strategy;
  • Prudent underwriting;
  • Meticulous management of risk and cautious investment strategy offering absolute customer security;
  • Excellence in execution; and
  • Robust operational processes underpinning excellent customer service

Rothesay Life has three substantial institutional shareholders, Blackstone, GIC and Massachusetts Mutual Life Insurance Company, who provide the company with long term support for its growth and development.

Rothesay Life is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Further information is available at