£3.8bn buy-in with the Allied Domecq Pension Fund
Rothesay Life has announced that it has completed a £3.8bn buy-in with the Allied Domecq Pension Fund.
- £3.8bn transaction is the largest buy-in ever to cover deferred members as well as current pensioners
- Insurance covers the Fund’s liabilities in respect of over 27,000 members of the former FTSE 100 company; c.17,000 pensioners and c.10,000 deferred pensioners
- Transaction materially improves the financial security of all members’ benefits
- Rothesay Life’s assets now exceed £50bn, more than doubling since year end 2017 (£24bn)
In anticipation of this transaction and further significant opportunities in the defined benefit bulk annuity market, Rothesay Life’s shareholders have contributed another £200m of new equity in addition to the £500m announced earlier this month to take the total new equity provided in 2019 to £700m.
For the full press release click here