Rothesay completes £260m buy-in with Smith & Nephew UK Pension Fund

Written by Adam Cadle

07/08/2023

Rothesay has completed a £260m buy-in transaction with the Smith & Nephew UK Pension Fund.

This transaction completes the fund’s objective of insuring all of its members’ benefits with Rothesay, following previous buy-in transactions in 2013, 2017 and 2022. In addition, the transaction secures the benefits for all remaining uninsured members of the fund, including 1,885 pensioners and dependants, and 2,315 deferred members.

The fund is sponsored by Smith & Nephew UK Limited, a portfolio medical technology company.

LCP acted for the trustee as the lead broker on the transaction. Eversheds Sutherland and DLA Piper provided legal advice to Rothesay, and Travers Smith provided legal advice to the trustee.

Katie Overton, business development at Rothesay, said: “We are very happy to have helped the Smith & Nephew UK Pension Fund complete its de-risking journey, securing the benefits of all its members.”

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