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The Skipton Building Society (2015) Group Pension Scheme, for the UK’s fourth largest building society, has completed a £105m full buy-in.
The deal with Rothesay, better known as an insurer focusing on large scheme transactions, completed in January this year and is for 396 pensioners and dependants and 309 deferred members.
“This deal represents a great outcome for the company and the scheme members. In a busy pension risk transfer market, schemes must prepare thoroughly to give themselves the best possible chance of attracting and engaging an insurer. The speed of this buy-in is testament to the scheme’s planning which, combined with Rothesay’s proven offering, allowed for a rapid transaction,” said trustee chair Steve Southern from trustee firm Vidett.
Paul Chambers, group chief financial officer at Skipton Group, said the company was delighted with the deal.
“The market remains hugely competitive so the up-front organisation, alongside the expertise of our advisers and execution capabilities of Rothesay were crucial in transacting speedily,” he said.
“The scheme was well prepared which enabled a quick and efficient execution to secure the future for its members,” added Róisín O’Shea, business development at Rothesay.
Mercer acted as the lead broker and Eversheds Sutherland provided legal advice to the trustees.
Last year, Rothesay took the largest market share in terms of volumes again at 22%, including two buy-ins with NatWest worth more than £10bn.
