Rothesay Life agrees £520m buy-in with the Cadbury Mondelez Pension Fund
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 £520m of defined benefit liabilities for the Cadbury Mondelez Pension Fund.
Transaction highlights:
- c£520m pensioner-only buy-in, covering a representative subset of the liabilities for pensions already in payment
- The bulk annuity, covering payments for c.1,900 pensioner members, will be held as an asset of the scheme
- Premium was paid in gilts and cash which will be reinvested in line with Rothesay Life’s low-risk, long-term investment strategy
- This second tranche of de-risking takes the scheme’s insurance to c.20% of £4.6bn total liabilities, which follows a £500m buy-in completed in 2009
For the full press release click here