Rothesay secures £762m buy-in for Morrisons

Written by Adam Cadle

31/01/2023

Rothesay has completed a £762m buy-in with the 1967 Section of the Morrisons Retirement Saver Plan.

The transaction secures the benefits of more than 8000 members – c.2650 pensioners and dependants and c.5500 deferred members.

This buy-in, which required no contribution from Morrisons, was achieved through an accelerated process supported by the Plan’s readiness as it came to market, helping the trustee and company lock in security for members quickly when the opportunity arose. The policy was also structured to accommodate the Plan’s illiquid asset runoff.

The lead broker on the transaction was Aon, acting for the Plan on behalf of both the trustee and company. Legal advice was provided to the Plan by Clifford Chance and to Rothesay by DLA.

“The demand for de-risking is the strongest we have ever seen and our significant capital surplus, combined with our ability to operate at speed while delivering bespoke solutions, means we are very well-placed to help schemes provide pension security for their members in this very busy market,” Róisín O’Shea, business development at Rothesay, said.

Related Articles