Rothesay has acquired the bulk annuity portfolio from Lloyds Banking Group’s Scottish Widows division, marking its sixth venture into in-force annuities.
The portfolio, which is estimated to be worth £6bn, includes the pension benefits of over 42,000 people.
Rothesay chief executive officer Tom Pearce says: “I am delighted that Lloyds Banking Group has chosen Rothesay as the long-term home for its bulk annuity business and look forward to welcoming our new policyholders from Scottish Widows. Rothesay’s substantial capital resources combined with the proven strength of our execution capabilities mean we are able to deliver solutions for our clients across all areas of the pension de-risking market. We are proud to provide award-winning levels of customer service for our policyholders along with long-term security for their retirement.”
Scottish Widows and Lloyds Banking insurance, pensions and investments CEO Chira Barua says: “We’re on a mission to help people in the UK build financially secure futures, supporting the Group’s strategy of building a customer-focussed digital leader and integrated financial services provider. This sale will enable us to focus and invest in the insurance, pensions, investments, retirement and protection markets where we want to grow, whilst ensuring positive outcomes for our Bulk Annuities customers.”
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