Rothesay has completed a £125m full scheme buy-in with the MPS Pension Scheme.
The scheme is sponsored by The Medical Protection Society Limited, a member-owned, not-for-profit protection organisation for doctors, dentists and healthcare professionals.
The buy-in secures the benefits of all 618 Scheme members comprising 174 pensioners and dependants, and 444 deferred members. This was the scheme’s first transaction and no contribution from the company was needed, as the scheme was in surplus.
“We are pleased to secure the future for the schemes’ over 600 members. In a very buoyant market, this was a well-prepared scheme which supported the quick and efficient execution of this de-risking transaction,” said Katie Overton, Business Development at Rothesay.
“Following a busy first quarter this year, Rothesay continues to see very strong momentum in the pension risk transfer market with an unprecedented pipeline of new business. Our substantial capital resources and proven execution capabilities mean we are very well-placed to capitalise on the significant opportunities we are seeing,” Overton added.
“We are delighted to secure the pensions of all our scheme members through this transaction. Given improved funding levels and the hard work we put in to preparing the scheme for its end-game, we were able to work quickly with all parties to achieve a great outcome in a busy market,” said Richard Pile, Chief Financial Officer at The Medical Protection Society Limited.
“Given the level of competition in the market, this transaction is evidence of the importance of effective scheme preparation. Following the diligent advice and guidance of Isio and Gowling, we gained the interest of five insurers, ultimately electing to partner with Rothesay on account of their high-quality offering and good value. The transaction secures the future pension payments and benefits for all scheme members representing a very positive result in a short time frame,” added Colin Richardson, Sole Trustee, Zedra Governance Limited.