The Rotork pension fund has agreed a £80m ($99m) buy-in deal with UK insurer Aviva, following a £20m cash contribution from its sponsor Rotork PLC.
Bath-based industrial manufacturer Rotork has offloaded the liabilities of 406 pensioners and dependents from the Rotork Pension & Life Assurance Scheme.
Actuarial consultants LCP was the trustee’s de-risking adviser, and lead adviser for the transaction, with additional advice given to the trustees by Barnett Waddingham and Gowling WLG.
The transaction was made possible following the £20m cash contribution in June this year which saw the scheme go from a deficit of £8m in December 2022 to a surplus of £9.3m.
Shortly after the Rotork deal was made public, the Air France Pension Scheme revealed it completed a £32m ($40m) buy-in deal with Just Group which covers the benefits of 200 scheme members.
This transaction is the third buy-in by the Air France Pension Scheme and its second with Just Group.
Hymans Robertson was the lead advisor on the deal while Pinsent Masons gave legal advice.
Just Group has completed a large volume of buy-in deals so far in 2023, including a $330m transaction with ITB Pension Fund’s Open Fund.