UK pension risk transfer specialist (PRT) Rothesay has signed a £260m ($330m) buy-in deal with the UK pension fund of Smith & Nephew.
The multinational medical device manufacturer has now completely insured all of its members benefits following a series of previous deals inked with Rothesay in 2013, 2017 and 2022, respectively.
The latest tranche of the pension fund’s de-risking process sees close to 1,900 pensioners and dependents, plus 2,315 deferred members’ liabilities, transferred to the UK insurer.
LCP acted for the trustee as the lead broker on the transaction. Eversheds Sutherland and DLA Piper provided legal advice to Rothesay, and Travers Smith provided legal advice to the Trustee.
Rothesay has completed a number of PRT deals so far in 2023, including a $1.8bn deal with UK supermarket Safeway in April. That transaction was also one of several conducted between the two parties.
Watford-based Smith & Nephew was founded in 1856.