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Rothesay Life announces £1.9bn pension buy-out deal

Rothesay Life has completed a £1.9bn deal for the insurance of pension liabilities of the UK schemes of RSA Insurance Group.

The firm says this reflects over 55 per cent of the total current pensioner benefits and is the largest deal seen in the pension fund buy-out market.

The transaction was designed and executed by Rothesay Life and Goldman Sachs International.

The transaction is structured as an insurance contract covering the liabilities under which the trustees retain ownership of the assets, comprising gilts and UK government guaranteed bonds to provide added security for the schemes.

Rothesay Life Chief executive Addy Loudiadis says: “This is a fantastic vote of confidence in Rothesay Life as a secure home for companies’ pension liabilities.

“RSA and their trustees had very specific requirements, and we are delighted to have been able to design and complete execution of an innovative, secure structure to meet their needs.”

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