The Rexam Pension Plan has agreed a £1.4bn ($1.8bn) buy-in deal with Rothesay which covers the benefits of over 14,000 scheme members.
The pension fund’s sponsor is packaging firm Ball Corporation and the single premium insurance policy it has bought covers the residual risks for 9,790 pensioners and 4,330 deferred members.
Rothesay said that Ball did not pay an additional contribution to offload the scheme in a deal which was agreed in August 2023.
Aon was lead broker on the transactions. WTW provided actuarial advice and project management to the pension fund.
Eversheds Sutherland provided legal advice to Rothesay and Sackers advised the pension fund.
Rothesay said the Rexam deal was one of 12 that it signed in 2023, bringing in a total new business premium of £12.7bn for the year, the second largest figure in the insurer’s history.
Other notable transactions by Rothesay last year included a $3.4bn deal with Thales pension scheme and a $5bn deal with retailer Co-Op.
Rothesay said it expected to sign a similar, or even larger, number of deals in 2024.