Buy-out completed within 12 weeks
Following a competitive selection process, we chose to transact with Rothesay Life because of their ability to structure bespoke policy which met the needs of our sponsoring employer whilst providing for the best possible outcome for all our members. The Trustees are pleased to be able to offer our members 100% secure benefits with new policies in such a timely manner.Sandra Connolly, Trustee Chair of Panasonic System Networks Pension Scheme
- £45m buy-out transaction for the Panasonic System Networks Pension Scheme covering 600 members with wind-up completed within 12 weeks
As part of the orderly wind-up of the Panasonic System Networks Pension Scheme, the trustees and the corporate sponsor reached an agreement to wind up and secure the benefits of the associated pension scheme with an annuity provider.
Outside of the usual requirements of competitive pricing, track record in the market and financial strength, the trustees and corporate had a number of additional requirements:
- Firstly, the company were aware that a further contribution to the pension scheme would be required, but did not want to create surplus in the scheme as this would be returned net of tax (even though no tax relief had been received on making the contribution)
- Secondly it was imperative to the company that the liabilities were off balance sheet by the end of September 2014
Rothesay Life provided an insurance policy which included commitment to issue individual policies or utilise a Deed Poll to ensure the scheme was off balance sheet by the end of September 2014
- Having entered into the contract in June 2014, the scheme was off balance sheet and individual policies issued within 12 weeks. A member forum was hosted specifically to allow members of the scheme to ask questions about the changes
Rothesay Life News
16 August 2019
Judgement on proposed transfer of annuity business from Prudential
Rothesay Life notes today the judgement of the High Court of England and Wales in connection with the proposed transfer of a portfolio of annuities from The Prudential Assurance Company Limited , a subsidiary of M&GPrudential, to Rothesay Life.
9 August 2019
Rothesay Life agrees £520m buy-in with the Cadbury Mondelēz 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 Mondelēz Pension Fund.
8 August 2019
Rothesay Life becomes a member of the DNS
Rothesay Life is one of the first insurance companies to become a member of the Death Notification Service.