Avimo Pension Scheme completes £50m buy-in with Rothesay

Written by Adam Cadle

04/12/2024

The Avimo Pension Scheme has completed a £50m buy-in with Rothesay, securing retirement benefits of all 611 scheme members, including 416 pensioners and dependants and 195 deferred members.

Aon acted as the lead broker on the deal, while Gowling, WLG and Squire Patton Boggs provided legal advice to the trustee, and Rothesay received legal advice from Eversheds Sutherland.

Thales sponsors the Avimo pension scheme through its UK subsidiary, Thales UK Limited.

Rothesay worked exclusively with the scheme, having previously completed a £2.7bn transaction to insure all Thales UK pension scheme liabilities in December 2023.

Both the Thales UK Pension Scheme and Avimo Pension Scheme are now fully insured with Rothesay.

Trustee chair and Vidett trustee director, Jim Robson, commented: “The pension risk
transfer market remains hugely competitive, so it is good to see schemes of all sizes are able to insure member benefits. This buy-in provides security for members given Rothesay’s proven offering and customer service.”

Adding to this, Rothesay business development team member, Simon Bramwell, said: “It was pleasing to work with the trustee and Thales for the second time in a relatively short period and help them to secure the future for all the scheme’s members.

"Within a busy bulk purchase annuity market, Rothesay continues to invest in providing innovative solutions for our clients along with enhanced levels of execution certainty.”

Thales head of UK compensation, benefits and pensions, James Carrell, added: “Having previously partnered with Rothesay, we were delighted to work with them again.

"This is a fantastic outcome, protecting the pensions of all scheme members. We are thankful for the hard work of Rothesay, the trustee and all advisers in executing this deal in good time, rewarding a well-prepared scheme.”

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