With the closing of three
deals worth a total of £2.28bn ($3.56bn) December 2011 proved to be
a highly successful one for Rothesay Life, a UK defined benefit
(DB) pension scheme risk transfer specialist owned by US investment
bank Goldman Sachs.
In the largest of the three
deals, Rothesay Life concluded a £1.3bn longevity insurance
solution involving pension liabilities of the Airways Pension
Scheme (APS), one of two DB pension schemes sponsored by British
Airways (BA).
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The solution was the second
of its kind executed for BA by Rothesay Life which in June 2010
provided longevity insurance for some 20% of APS’ pensions in
payment. The latest deal takes APS’ longevity insurance to 40% of
pensions in payment.
In the second-largest of the
deals, Rothesay Life entered into a buy-in contract worth £830m
with trustees of the Uniq plc Pension Scheme sponsored by UK food
manufacturer Uniq.
In the third and smallest
deal, Rothesay Life concluded a £150m buy-in deal with the TI Group
Pension Scheme sponsored by technology company Smiths
Group.
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