View more on these topics

Goldman Sachs pensions buyout subsidiary announces first deal

Goldman Sachs subsidiary Rothesay Life has announced its first buy-out deal with the purchase of the Rank Group Pension Scheme, which has assets of around £700m.

It is thought to be the biggest transfer of pension scheme liabilities in the UK to date.

Rothesay Life chief executive Addy Loudiaids says: “The Rothesay Life approach is to use our risk management and investment expertise to provide a tailored solution which meets the needs and obligations of all parties.

“The market for insurance based buy-outs of large pension schemes is developing rapidly. Companies and trustees are increasingly looking for effective solutions to transfer pension liability risk to specialist insurance providers. Rothesay Life is ideally placed to become a leading player in this market.”

Rank finance director Peter Gill says: “This transfer is the result of an extensive review that included consideration of several options and discussions with a number of interested parties. We believe that the chosen option and the transfer announced today represent the best outcome for all concerned.

“With the financial benefits that this transfer provides, Rank will be better placed to address its near-term challenges and to grasp its long-term opportunities. In addition, members of the scheme will benefit from the high level of security provided by Rothesay Life.”

Recommended

65 Jobs go under axe at Platform

Platform has confirmed it will be making a fifth of its workforce redundant as it moves to restructure its business as a result of the credit squeeze.The lender says it will cut up to 65 jobs, predominantly in sales and marketing, from its workforce of 305.It will restructure its sales team to give better support […]

Speculation mounts on AWD Chase de Vere

Speculation is growing about the future ownership ofAWD Chase de Vere, with a number of suitors thought to be interested in taking over the adviser company.Swiss Life made its offer for parent company AWD Holding AG for £824m in December and the deal is due to be accepted this week. SwissLife statements have consis-tently excluded […]

‘Bank crisis shows virtues of IFA model’

The Northern Rock and Societe Generale debacles are further evidence that it is the bank business model and not the IFA model that is bust, says Sesame.Speaking at a Money Marketing RDR round table, Sesame chief executive Ivan Martin said the wrong model is being accused of being broken. He said the Government must see […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com