Rothesay completes £120m full scheme buy-in with AQA Education

Written by Adam Cadle

12/05/2025

Rothesay has completed a £120m full scheme buy-in with the AQA Pension Scheme.

The scheme is sponsored by AQA Education, an independent non-profit charity and examination board providing GCSEs, A-levels and vocational qualifications with a focus on assessment and curriculum development. The transaction, completed in January 2025, secures the benefits of all 869 scheme members, comprising 471 pensioners and dependents and 398 deferred members.

WTW acted as the lead adviser on the deal, as well as scheme actuary and investment adviser; Mayer Brown provided legal advice to the trustee, and Rothesay received legal advice from Gowling.

Katie Overton, business development at Rothesay, commented: “Rothesay is purpose-built to protect pensions, and we are delighted to secure the future for all of the scheme’s members through this buy-in. In a busy and competitive pension risk transfer market, the scheme was well-prepared, enabling us to transact efficiently, providing long-term security for its members.”

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