Rothesay agrees £440m buy-in with P&O Pension Scheme

Written by Adam Cadle

16/08/2023

Rothesay has agreed a £440m buy-in with the trustee of the P&O Pension Scheme, covering the retirement benefits of 5,300 members.

The deal covers all remaining uninsured members of the scheme, following a previous buy-in to cover existing pensioners in 2007, with all of the scheme's members now secured by Rothesay.

Barnett Waddingham acted as actuarial and risk transfer advisers, while legal advice was provided to the trustee by Eversheds-Sutherland, and administration and investment services were provided by Mercer. Rothesay, meanwhile, was advised by CMS.

Rothesay business development, Róisín O’Shea, stated: “It is always pleasing when an existing client chooses to work with us again to protect its members’ pensions and we are delighted to secure the benefits of the remaining members of the scheme through this second buy-in."

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