Rothesay strikes £160m buy-in with Repsol Sinopec
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Specialist pensions insurer Rothesay Life has completed a £160m full scheme buy-in with the Repsol Sinopec Pension and Life Scheme, securing the benefits of nearly 450 members – 141 pensioners and dependants as well as 306 deferred members.
The scheme sponsor is Repsol Sinopec Resources UK Ltd, an oil and gas exploration and production company operating in the North Sea.
The insurer said the buy-in was completed under an “accelerated process” that allowed the trustee to “transact quickly to secure the scheme’s benefits amid market conditions that offered favourable pricing”.
Róisín O’Shea, part of the business development at Rothesay, said: “The continued buoyancy in the bulk annuity market has resulted in more schemes than ever pursuing insurance solutions.”
Repsol Sinopec had employed Vidett as its sole pension trustee.
James Chalk, trustee director at Vidett, said: “The scheme has been through quite a journey over the last 12 months. With the help of our advisers, we acted quickly to lock in funding level improvements seen in the first half of 2022 and position the scheme to secure a great outcome in an increasingly busy insurance market.”
The lead broker of the buy-in was Hymans Robertson. Rothesay and the trustee received legal advice from Eversheds and Addleshaw Goddard, respectively. Isio provided investment advice to the trustee.
Rothesay recently bagged similar deals with Safeway and Morrisons.
Will Rothesay dominate the bulk annuity market this year?
