Thales, sponsor of the Avimo Pension Scheme, has completed a bulk purchase annuity buy-in transaction with Rothesay.
The transaction secures the benefits of all 611 scheme members, comprising 416 pensioners and dependants as well as 195 deferred members.
Rothesay worked exclusively with the scheme given the existing relationship with Thales UK, having completed a £2.7bn transaction to insure all liabilities of the Thales UK Pension Scheme in December 2023. Both the Thales UK Pension Scheme and Avimo Pension Scheme are now fully insured with Rothesay.
“It was pleasing to work with the trustee and Thales for the second time in a relatively short period and help them to secure the future for all the scheme’s members. Within a busy bulk purchase annuity market, Rothesay continues to invest in providing innovative solutions for our clients along with enhanced levels of execution certainty,” said Simon Bramwell, Business Development at Rothesay.
“The pension risk transfer market remains hugely competitive, so it is good to see schemes of all sizes are able to insure member benefits. This buy-in provides security for members given Rothesay’s proven offering and customer service,” added Jim Robson, Chair of the Trustee and Trustee Director at Vidett.
Aon acted as the lead broker on the deal. Gowling, WLG and Squire Patton Boggs provided legal advice to the trustee, while Rothesay received legal advice from Eversheds Sutherland.
“Upfront preparation and close collaboration with all advisers ensured that the scheme was able to navigate an active market nimbly and to capitalise on the opportunity of working with an insurance partner that quotes selectively for this scheme size. Speed of execution was key to achieving a transaction that secures the benefits of over 600 members of a smaller scheme with Rothesay – and at a busy time,” said Natalia Dinischiotu, Senior Consultant at Aon.
