Rothesay secures £1.2bn full scheme buy-in for The Co-operative Bank

Written by Adam Cadle

13/12/2022

Rothesay has completed a £1.2bn full scheme buy-in with The Bank Section of the Co-operative Pension Scheme.

The transaction secures the benefits for all uninsured members of the Section – defined benefit liabilities for 2474 pensioners and dependants and a further 6531 deferred members, following a £400m buy-in in 2020. The buy-in is the eighth transaction of 2022 for Rothesay, and the insurer is also exclusive on a further £5bn of new business that is expected to complete by the end of this year and into the next.

Tom Pearce, CEO of Rothesay, said: “We are very pleased to support The Co-operative Bank with this important step in its journey toward buy-out. After working with the trustee and their advisers for some time, we have been impressed by their focus on the end goal and determination to provide pension security for all their members.

“Demand for de-risking is the strongest we have ever seen and there are exciting new business opportunities stretching out into 2023. Our significant capital surplus means we are very well-placed to execute against this demand, so the outlook has never been more positive.”

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