IPC Media Pension Scheme agrees £290m buy-in with Rothesay Life
The IPC Media Pension Scheme has agreed a £290m buy-in with Rothesay Life, insuring benefits for around 500 pensioner members.
Rothesay Life said the transaction of the deal was completed during May with all parties working remotely during the "significant market volatility" of the Covid-19 pandemic.
It is Rothesay Life's second announced deal of 2020 and brings total bulk annuity deals for the year to £545m, following a £255m deal with the Xylem UK Pension Plan in March.
IPC Media Pension Scheme chairwoman and trustee Susan Andrews said: "We are delighted to have worked with Rothesay Life to secure benefits for our pension members. The transaction further strengthens the long-term certainty of the scheme, and forms an important part of our plan to meet pension obligations. It is a testament to the quality of our advisers that we could secure this transaction at a time of extreme uncertainty and remote working."
Rothesay Life business development executive Roisin O'Shea added: "The Trustee's high degree of focus and preparation allowed us to secure this transaction in spite of the highly volatile market conditions. Providing the Trustee with price certainty as soon as their target had been met, which continued throughout execution, was especially important during the current climate as well as being able to complete the transaction quickly."
The trustee of the scheme was adviser by Aon as settlement advisers, Mayer Brown, Willis Towers Watson, and Blackrock. Rothesay Life was advised by DLA Piper.
See also: The biggest buy-ins and buyouts
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