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The trustees of the NatWest Group Pension Fund have entered into a further buy-in with an unconfirmed insurer in September, covering about a third of the roughly £33.6bn Main Section of the scheme in a series of deals.
High street bank NatWest disclosed in its Q3 results that the trustees entered a deal with “a third party insurer” in September, saying around a third of the Main Section is now covered by insurance policies. The company previously disclosed a buy-in on 31 May 2024.
“As part of its long-term strategy, the trustee of the NatWest Group Pension Fund has recently insured around one third of the Main Section with buy-in policies,” a spokesperson for NatWest Group Pension Fund said.
“The buy-in policies are Fund investments that further improve the security of member benefits by increasing protection against demographic and investment risks. As with other investment decisions, there is no change to member benefits and members will continue to receive their benefits directly from the Fund.”
According to the NatWest Group Pension Fund’s latest funding update as at December 2022, the Main Section had a technical provisions funding level of 112%, with a surplus of about £3.7bn. In September this year, the scheme had 191,000 members.
