Rothesay Life PLC concluded a £2.8 billion buy-in transaction with the National Grid UK Pension Scheme.
The £20 billion scheme is the defined benefit pension scheme primarily for previous employees of the gas industry. The transaction involves the purchase of a bulk annuity, funded by fixed-interest securities, under which Rothesay Life will reimburse the trustee for all pension payments to those covered by the transaction.
The scheme's trustees were advised by Aon and supported by the scheme's in-house team. Sackers provided legal advice, with actuarial support provided by Willis Towers Watson. Rothesay Life was advised by Allen & Overy.
