Rothesay has completed a £1.4bn full scheme buy-in with the Rexam Pension Plan.
The Scheme is sponsored by Ball Corporation, a company that offers environmentally friendly aluminium packaging solutions for household, personal care, and beverage items.
The deal secures benefits for nearly 14,000 members of the scheme, including 4,330 delayed members and 9,790 pensioners and dependents.
It involves an insurance policy with a single premium that covers residual risks; the sponsor is not required to make any contributions.
The scheme’s financial advisers were LCP; the lead broker was Aon; WTW handled project management and actuarial advice; and Eversheds Sutherland and Sackers handled Rothesay and the Scheme’s legal matters, respectively.
A&O provided the Company with legal counsel. The buy-in was a component of Rothesay’s 2023 de-risking support for 12 pension plans, which added to the year’s total new business premiums of £12.7 billion.
Rothesay business development Cleo Taylor Smith says: “From our first meeting with the Scheme and Sponsor it was clear that there was a strong cultural fit between our organisations and we are delighted to have worked so collaboratively together to secure the future for over 14,000 members. It has been a pleasure to work with the Trustee to reach such a successful outcome.
“Last year was one of Rothesay’s busiest ever, with £12.7bn marking the second largest volume of annual new business we’ve ever completed. 2024 is looking equally, if not more, exciting with a currently unprecedented pipeline. Rothesay’s strong capital position and proven capability to execute large and complex transactions, like for the Rexam Pension Plan, mean that we are very well-placed to meet this opportunity.”
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