The Bakkavor Pension Scheme, sponsored by Bakkavor Foods Limited, an international food manufacturing company, has completed a £160m bulk purchase annuity buy-in with Rothesay.
The transaction was completed in March 2026 and secures the pension benefits for all 2,216 of the scheme’s members, comprising 1,108 members with pensions in payment and 1,108 deferred members.
“Achieving this full scheme buy-in is a significant step in the Scheme’s de-risking journey and secures our members’ pensions for the future. We are pleased that our substantial preparatory work, alongside Rothesay’s execution certainty, resulted in an efficient transaction that fully insures the Scheme’s benefits,” said Jane Scriven, Chair of the Trustee.
“We are delighted to secure the future for every member of the Scheme through this successful transaction, delivering on Rothesay’s purpose of providing long-term retirement certainty for the nearly one million people whose pensions we protect. The pension risk transfer market continues to be dynamic and fast-moving, which is creating an active pipeline of new business opportunities ahead,” added Katie Overton, Business Development at Rothesay.
WTW acted as the lead adviser to the trustee for the transaction, as well as scheme actuary, with CMS and Squire Patton Boggs providing legal advice to the trustee. The sponsor was advised by Isio, and Greencore by PwC and Slaughter & May. Rothesay received legal advice from Sackers.
“This successful transaction demonstrates the benefits of considered preparation. In particular, readiness activity previously undertaken by the Trustee working in partnership with the Scheme Actuary and its other advisers, enabled an approach to market within a month of agreeing to move forward with a buy-in. Against the backdrop of the Sponsor acquisition, we worked with the Trustee and other stakeholders to support an effective decision-making process and capitalise on the opportunity to meet the long-term objectives of the Trustee and Sponsor,” said Gemma Millington, Managing Director at WTW.
