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The Avimo Pension Scheme, sponsored by French electronics group Thales, has completed a £50m full buy-in for 416 pensioners and dependants and 195 deferred members, following a larger deal for Thales UK last year.
The transaction with Rothesay follows an exclusive exercise based on the insurer's existing relationship with the defence, cybersecurity and transport firm, as Rothesay conducted a £2.7bn buy-in for Thales UK in December last year.
“This buy-in provides security for members given Rothesay’s proven offering and customer service,” said trustee chair Jim Robson from trustee firm Vidett.
James Carrell, head of UK compensation, benefits and pensions at Thales, thanked all parties involved for completing the deal in “good time”, adding: “Having previously partnered with Rothesay, we were delighted to work with them again."
Natalia Dinischiotu, senior consultant at lead broker Aon, said speed of execution was key, after preparation meant the scheme was able to “capitalise on the opportunity of working with an insurance partner that quotes selectively for this scheme size”.
Rothesay reportedly insured about £11bn for the NatWest Group Pension Fund this year, although neither party has confirmed this.
Simon Bramwell, business development at Rothesay, said: “Within a busy bulk purchase annuity market, Rothesay continues to invest in providing innovative solutions for our clients along with enhanced levels of execution certainty.”
