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Rothesay Life wins best "Buy-in and Buy-out Provider" award

22 June 2012

Rothesay Life was recognised for innovation and exemplary client service to UK defined benefit pension schemes. “Buy-ins” and “buy-outs” are annuity products that Rothesay Life and others in its sector provide to allow corporates to remove the risk of providing pensions to former employees, including longevity risk – the risk of pensioners living longer than expected.

The judges of the award cited Rothesay Life’s full “buy-out” of the Uniq plc Pension Scheme to illustrate the firm’s innovative approach to servicing clients’ needs. Incorrectly recorded personal details or benefits data is a common problem that can have a significant impact on pension funds. Rothesay Life was able to put a cap on any increase in Uniq’s pension liabilities resulting from the discovery of errors in the data, by conducting a comprehensive review of the fund’s systems and processes. In addition, by drawing on the firm’s capabilities in hedging significant market risks, Rothesay Life was quickly able to provide financial certainty to the pension fund in volatile market conditions.

“Rothesay Life’s ability to lock in terms, and then structure and implement a solution to meet our complex requirements, in a very short period of time, was a key differentiating factor for the Trustee,” said Chris Martin, chairman of the Trustee of the Uniq plc Pension Scheme.

The award judges also highlighted other recent Rothesay Life transactions, including the TI Group buy-in (September 2011) and the British Airways longevity swap (December 2011) as further examples of the quality of Rothesay Life’s risk reduction solutions.

Paul Spencer, chairman of the Trustees of the British Airways Pension Scheme, outlined his reasons for selecting Rothesay to structure the deal.

“We identified an opportunity to further protect the scheme against some of these extra costs, and after thoroughly reviewing options with our advisors, selected Rothesay Life again based on their ability to structure a contract around our needs,” he said.

Addy Loudiadis, CEO of Rothesay Life, said the strength of our people and their commitment to offering bestin-class service to our clients warranted the recognition.

“We pride ourselves on providing de-risking solutions for our clients and in helping to find innovative and effective solutions that are tailored specifically to them,” Addy said. “It’s satisfying to see that the depth and breadth of our experience and expertise within our team has been recognized at these prestigious awards.”

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