The AQA Pension Scheme has completed a £120m full scheme buy-in with Rothesay.
The transaction, completed in January 2025, secures the benefits of all 869 scheme members which comprises 471 pensioners and dependants as well as 398 deferred members.
“We are delighted to have completed this deal which protects the pensions of all of our scheme members. The quick execution of this transaction is testament to the excellent preparation undertaken by the trustees and the expertise of our advisers, alongside the execution certainty delivered by Rothesay’s proven offering,” said Bruce Guthrie, Chair of the Trustees.
“Rothesay is purpose-built to protect pensions and we are delighted to secure the future for all of the scheme’s members through this buy-in. In a busy and competitive pension risk transfer market, the scheme was well-prepared which enabled us to transact efficiently, providing long-term security for its members,” said Katie Overton, Business Development at Rothesay.
WTW acted as the lead adviser on the deal, as well as scheme actuary and investment adviser; Mayer Brown provided legal advice to the trustee and Rothesay received legal advice from Gowling.
“This is a great example of how a well-prepared scheme can achieve a positive outcome for members in a highly competitive market and is a testament to the collaborative effort of all involved,” said Shelly Beard, Managing Director at WTW.
“Despite improved funding levels of many pension schemes, and the strong pipeline of transactions in the market this year, we are still seeing good pricing and capacity for small and mid-sized pension schemes approaching buy-in,” added Beard.