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
21 June 2019
Fitch rates Rothesay Life Plc’s Tier 2 subordinated notes 'BBB+'
Fitch Ratings has also affirmed Rothesay Life Plc Insurer Financial Strength (IFS) Rating at 'A+' (Strong), Long-Term Issuer Default Rating (IDR) at 'A' and the company’s restricted Tier 1 subordinated notes’ at 'BBB-'.
3 April 2019
Rothesay Life's 2018 Full Year Financial Results and Business Highlights
Today the company announces its audited results and business highlights for the year ending 31 December 2018.
2 April 2019
Rothesay Life agrees £110m bulk annuity deal with Laird Limited
Rothesay Life plc is pleased to announce it insured the defined benefit liabilities for the Laird Pension Scheme.