Risk watch: A roundup up of the latest derisking transactions, including the William Hill scheme’s transaction with Rothesay and Gordonstoun School’s full buy-in with Legal & General.
William Hill scheme completes £290mn buy-in
The William Hill Pension Scheme, with a circa £472.2mn defined benefit section and a circa £192mn defined contribution section, has completed a £290mn buy-in transaction with Rothesay. The scheme purchased the bulk annuity policy on June 28 2021, covering the liabilities of 1,188 pensioners and dependants and 773 deferred members. This is the scheme’s second buy-in following a £180mn transaction agreed in 2018 with Just Group. Together, the two buy-ins insure the entirety of the scheme’s DB liabilities. Scheme sponsor Caesars Entertainment, which acquired William Hill in early 2021, made a circa £10mn cash injection to the buy-in, according to a letter to members published on the scheme’s website.
This article originally appeared on MandateWire.com
Boarding school scheme agrees full buy-in
The Gordonstoun School Retirement Benefits Scheme has agreed a £6.6mn full scheme buy-in with Legal & General Assurance Society. The deal secures the pensioner benefits of around 30 deferred members and 65 retirees and was concluded in March 2022. Pamela Muir, trustee and bursar of Gordonstoun School, said: “The benefits built up in the scheme are now secured by the strength of a large insurance company and, in order to secure this outcome, Gordonstoun made a significant financial contribution.” Barnett Waddingham advised the trustees on the transaction, while DWF LLP provided legal advice.
This article originally appeared on MandateWire.com
