We are pleased to announce that we have agreed to acquire the c.£6 billion Scottish Widows in-force bulk annuity portfolio from Lloyds Banking Group. The business to be transferred covers the pension benefits of c.42,000 people.
The acquisition of the Scottish Widows portfolio represents Rothesay’s sixth acquisition of in-force annuities, further demonstrating the strength of our capabilities in this part of the pension risk transfer market.
Tom Pearce, Chief Executive Officer at Rothesay, said: “I am delighted that Lloyds Banking Group has chosen Rothesay as the long-term home for its bulk annuity business and look forward to welcoming our new policyholders from Scottish Widows. Rothesay’s substantial capital resources combined with the proven strength of our execution capabilities mean we are able to deliver solutions for our clients across all areas of the pension de-risking market. We are proud to provide award-winning levels of customer service for our policyholders along with long-term security for their retirement.”
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