The Allied Domecq Pension Fund has insured £3.8bn of members’ benefits with Rothesay Life, in the market’s largest deal to cover both pensioner and deferred members.
Rothesay Life has agreed the UK’s largest ever bulk annuity deal to date – a £4.7bn buyout of the GEC 1972 Plan, making 2019 officially a record-breaking year.
This week’s top stories included The Pensions Regulator launching a prosecution against the director of a professional trustee firm, and the regulator approving five master trusts.
Rothesay Life has completed £3.7bn of bulk annuity transactions so far in the second half of this year, according to its latest trading update.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
The Cadbury Mondelēz Pension Fund has agreed a £520m buy-in with Rothesay Life, insuring benefits for around 1,900 pensioner members.
Around £17.5bn of buy-ins and buyouts were transacted in the first half of the year as market records continue to tumble.
Rothesay Life completed around £700m of bulk annuity transactions in the first half of 2019, according to its latest trading update.
The Laird Pension Scheme has completed a £110m buyout with Rothesay Life, insuring benefits for 940 members.