Rothesay has insured Skipton Building Society’s defined benefit (DB) pension scheme in a transaction worth £105m.
The deal covers all 705 scheme members of the Skipton Building Society (2015) Group Pension Scheme and was completed in January 2025.
Mercer was the lead broker on the transaction, while Eversheds Sutherland provided legal advice to the trustee board.
Steve Southern, chair of the trustee board and a professional trustee at Vidett, said: “This deal represents a great outcome for the Company and the Scheme members. In a busy pension risk transfer market, schemes must prepare thoroughly to give themselves the best possible chance of attracting and engaging an insurer.
“The speed of this buy-in is testament to the scheme’s planning which, combined with Rothesay’s proven offering, allowed for a rapid transaction.”
Róisín O’Shea, from Rothesay’s business development team, added that the Skipton scheme was “well-prepared, which enabled a quick and efficient execution to secure the future for its members”.
Paul Chambers, group chief financial officer at Skipton Group, said: “We are delighted that the hard work invested in preparing our pension scheme for an insurance transaction has resulted in a deal that offers future security for our members.
“The market remains hugely competitive so the upfront organisation, alongside the expertise of our advisers and execution capabilities of Rothesay, were crucial in transacting speedily.
“It is pleasing to have protected the pensions of all 705 Scheme members who can look forward to retirement with confidence.”
