On the go: The Signet Group Pension Scheme has completed a £236m full buy-in with Rothesay. Mercer was the lead broker on the transaction.
The buy-in secures the defined benefit liabilities for the entire scheme, including 825 deferred members and 1,084 pensioners in payment.
It is intended that the bulk annuity deal will transition into a buyout in due course.
Alan Baker, chair of the trustee, said: “We are delighted to have worked with our sponsoring employer to secure the pension benefits for all our members with Rothesay.
“As a purpose-built insurer, Rothesay is an attractive partner for us to ensure our obligations are met and pension benefits provided in full.”
He continued: “This is a great outcome for our members and has resulted from a really positive and successful collaboration between all those involved.”
The scheme’s asset allocation as at January 30 2021 stood at 4.3 per cent diversified equity securities, 20.9 per cent diversified growth funds, 53.9 per cent government bonds, 18.8 per cent corporate bonds, 1.2 per cent cash and 0.8 per cent property.
Prior to the buy-in, the manager roster comprised Legal & General Investment Management for equity and bonds, M&G Investments for portfolio, BlackRock and Baillie Gifford for diversified growth and Insight Investments for liability-driven investments, secured finance, liquid asset-backed securities and cash.
This article originally appeared on MandateWire.com
