Home > Alerts > United Kingdom > Lovell Pension Scheme completes £110m buy-in with Rothesay
18 December 2020
In November 2020, the Trustee of the Lovell Pension Scheme (“Lovell Scheme”), after consultation with the Scheme sponsor, Renew Holdings plc (“the Group”), entered into a £110m buy-in transaction with Rothesay.
“This key transaction will enable us to draw an early conclusion to a well-executed strategy. It is a privilege to work with a very supportive sponsor in Renew, such a focussed Trustee Board, and a coordinated set of skilled advisers. We have all worked so well together to take a Scheme that not so long ago had funding challenges to a position where we can fully secure all the members’ benefit entitlements. This demonstrates what can be achieved when all are focused on an objective that they appreciate is in the interests of all the stakeholders.”
“We are very pleased that the Trustee of the Lovell Scheme has completed the recent buy-in with the specialist insurer. This transaction significantly de-risks the Group’s balance sheet, further reduces the Group’s pension exposure risks and improves the Group’s cashflow in the medium term.”
“We are pleased to help the Company and Trustees protect their pension obligations. It has been a pleasure working with their experienced and well-prepared team.”
“We are delighted to have helped the Lovell Scheme secure its benefits in full. This transaction shows the value in having a clear, long-term de-risking plan which is agreed between a sponsor and Trustee board working closely together. We expect such an approach to become best practice as the new pensions funding regime approaches.”
Source: RothesayThe Exelerating platform helps you to gain relevant insights into € 6,000+ billion of European institutional assets. We do this by tracking and analysing thousands of public sources of data.
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