Rothesay: £4bn transaction secured for Co-op

27 November 2023

Rothesay publishes on its website:

We are delighted to announce that we have completed a £4bn buy-in with the Co-operative Pension Scheme (the “Scheme”), securing the benefits for almost 50,000 members – 17,655 pensioners and dependants as well as 31,896 deferred members.

The buy-in is the final step to fully secure member benefits as part of a long-term plan to de-risk the Scheme. Rothesay has now completed over £5bn of pensions de-risking for the Co-operative Pension Scheme following 2022’s buy-in with the Bank Section.

Sammy Cooper-Smith, Head of Business Development at Rothesay, said: “It is really pleasing to reach such a successful outcome for the Scheme, its members and the sponsor. Having worked in partnership for 18 months we are proud to now offer security for a further 50,000 Co-op scheme members.

Economic conditions continue to contribute to a very busy bulk annuity market, resulting in a number of exciting opportunities as more schemes than ever pursue insurance solutions. One of the impacts of scheme funding levels improving so quickly is the increased number of clients coming to market with a greater exposure to illiquid assets. Rothesay’s Illiquid Asset Transition team is purpose-built to support these schemes in their de-risking journey and was delighted to achieve this for the Co-op scheme members”.

Source: Rothesay
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