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    Home » Thales UK Offloads Pension Scheme To Rothesay In $3.4bn Deal

    Thales UK Offloads Pension Scheme To Rothesay In $3.4bn Deal

    Industry News 5 December 2023Aaron WoolnerBy Aaron Woolner
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    The UK arm of aerospace and defence firm Thales has offloaded its pension scheme to Rothesay Life in a £2.7bn ($.34bn) deal with the insurer.

    The transaction was announced on December 1 and covers the whole of the Thales UK pension scheme.

    It means Rothesay takes responsibility for the benefits of over 16,000 fund members; 10,512 pensioners and dependents as well as 5,915 deferred members.

    The deal included an undisclosed cash payment by Thales and involved the transfer of over £750m of illiquid assets held within the pension scheme to Rothesay. 

    Lead transaction advisers were PWC and A&O’ Rothesay received legal advice from Travers Smith. Gowling WLG, Mercer and Momentum advised the scheme trustee. 

    In a press release announcing the deal, Rothesay said that the Thales transaction means it has written close to £13bn of new business covering 12 separate pension schemes in 2023 to date. 

    Other deals completed by the insurer this year include a $5bn deal with UK retailer Co-op in November and a $560m deal with ferry operator P&O in August.

    2023 - December Bulk Purchase Annuity Transactions Longevity and Mortality Risk Transfer News: December 2023 Pension Risk Transfer
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