- The full scheme buy-in insures all 1,341 members of the Scapa Group Limited Pension
Scheme and the Fibermark UK Pension Plan - Mativ Holdings Inc. is the parent company of both Schemes’ sponsors, allowing the
transaction to fully secure both Schemes’ members at the same time
Rothesay, the UK’s largest pensions insurance specialist, has completed a full scheme buy-in for two separate pension schemes (the “Schemes”) which have the shared parent employer, Mativ Holdings Inc (the “Employer”), a leading global specialty materials company.
In total, the £105m buy-in protects the pensions of 1,341 members across both Schemes.
The transaction insures all £100m of pension benefits for the Scapa Group Limited Pension Scheme, sponsored by Scapa Group Limited, securing the future for all of the scheme’s 843 pensioners and their dependants as well as 413 deferred members. The buy-in also insures all £5m of benefits for the Fibermark UK Pension Plan, sponsored by Neemah Red Bridge International Limited, which protects each of the scheme’s 37 pensioners and dependants and a further 48 deferred members.
Mercer acted as the lead risk transfer adviser on the deal, Rothesay received legal advice from Eversheds Sutherland and the Trustee was advised by Pinsent Masons.
Roisin O’Shea, Business Development at Rothesay, commented: “Rothesay is committed to providing bespoke de-risking solutions for all of its clients and we are pleased to now protect the pensions of both Schemes, delivering on the Trustees’ commitment to secure the future for their members. The pension risk transfer market continues to be busy and competitive as schemes of all sizes seek an insurance transaction as part of their long-term endgame strategy.”
Rebecca Wood at Vidett and Chair of Trustees, said: “Completing this buy-in is an important step for the Schemes in providing pension security for all of our members. Rothesay’s proven execution capabilities and ability to innovate enabled a smooth transaction despite the more complex multi-scheme arrangement.”
John Martin, Principal at Mercer, commented: “The pensions de-risking market remains highly competitive yet this transaction demonstrates that there is capacity for all well-prepared schemes to secure the future for their members – even complex ones. It is fantastic to have executed this transaction and achieved a positive outcome for the Employer, the Schemes and their members.”
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