Mativ Holdings Inc, a global specialty materials company, has completed a full scheme buy-in for two separate pension schemes with Rothesay. In total, the £105m buy-in protects the pensions of 1,341 members across both Schemes.
The transaction insures all £100m of pension benefits for the Scapa Group Limited Pension Scheme, sponsored by Scapa Group Limited, securing the future for all of the scheme’s 843 pensioners and their dependents as well as 413 deferred members. The buy-in also insures all £5m of benefits for the Fibermark UK Pension Plan, sponsored by Neemah Red Bridge International Limited, which protects each of the scheme’s 37 pensioners and dependents and a further 48 deferred members.
“Rothesay is committed to providing bespoke de-risking solutions for all of its clients and we are pleased to now protect the pensions of both Schemes, delivering on the Trustees’ commitment to secure the future for their members. The pension risk transfer market continues to be busy and competitive as schemes of all sizes seek an insurance transaction as part of their long-term endgame strategy,” said Roisin O’Shea, Business Development at Rothesay.
“Completing this buy-in is an important step for the Schemes in providing pension security for all of our members. Rothesay’s proven execution capabilities and ability to innovate enabled a smooth transaction despite the more complex multi-scheme arrangement,” said Rebecca Wood at Vidett and Chair of Trustees.
Mercer acted as the lead risk transfer adviser on the deal, Rothesay received legal advice from Eversheds Sutherland and the trustee was advised by Pinsent Masons.
“The pensions de-risking market remains highly competitive yet this transaction demonstrates that there is capacity for all well-prepared schemes to secure the future for their members – even complex ones. It is fantastic to have executed this transaction and achieved a positive outcome for the Employer, the Schemes and their members,” said John Martin, Principal at Mercer.