The Smith & Nephew UK pension fund has completed a £260m buy-in deal.
The deal with Rothesay secures the benefits for all remaining uninsured members of the fund, including 1,885 pensioners and dependants, and 2,315 deferred members.
According to the fund, this transaction completes its objective of insuring all of its members’ benefits with Rothesay, following previous buy-in transactions in 2013, 2017 and 2022.
The fund is sponsored by Smith & Nephew UK Limited, a portfolio medical technology company.
LCP acted for the trustee as the lead broker on the transaction while Eversheds Sutherland and DLA Piper provided legal advice to Rothesay, and Travers Smith provided legal advice to the trustee.
Rothesay has more than £47bn assets under management, with £200m average monthly pension payments. The firm also says it is the first insurance company to be PASA accredited for policyholder experience.
Rothesay business development Katie Overton said: “We are very happy to have helped the Smith & Nephew UK Pension Fund complete its de-risking journey, securing the benefits of all its members.”