The Skipton Building Society (2015) Group Pension Scheme has completed a £105m full scheme buy-in with Rothesay.
The transaction, completed back in January 2025, secures the benefits of all 705 scheme members which comprises 396 pensioners and dependants as well as 309 deferred members.
“This deal represents a great outcome for the company and the Scheme members. In a busy pension risk transfer market, schemes must prepare thoroughly to give themselves the best possible chance of attracting and engaging an insurer. The speed of this buy-in is testament to the Scheme’s planning which, combined with Rothesay’s proven offering, allowed for a rapid transaction,” said Steve Southern of independent trustee firm Vidett and Chair of the Trustee.
“We are delighted to protect the pensions of all 705 members of the scheme through this de-risking transaction. The scheme was well-prepared which enabled a quick and efficient execution to secure the future for its members. In a buoyant bulk purchase annuity market, Rothesay continues to demonstrate the strength of its de-risking capabilities, providing innovative solutions for our clients and award-winning customer service,” added Róisín O’Shea, Business Development at Rothesay.
Mercer acted as the lead broker on the transaction, Eversheds Sutherland provided legal advice to the trustee.
“Mercer is proud to have been part of this project. It’s a fantastic outcome for members, trustee and sponsor and is the product of a genuinely collaborative effort to thoroughly prepare for approaching the insurance market, engage insurers in a clear competitive process, and focus on a quick and efficient transaction,” said Chris Hawes, Principal at Mercer.