The AQA Pension Scheme has completed a £120m full scheme buy-in with Rothesay, covering the benefits of all 869 scheme members, including 471 pensioners and dependants as well as 398 deferred members.

WTW was the lead adviser on the deal, also acting as scheme actuary and investment adviser, while Mayer Brown provided legal advice to the trustee and Rothesay received legal advice from Gowling.

Commenting on the deal, chair of the trustees, Bruce Guthrie, said: "We are delighted to have completed this deal which protects the pensions of all of our scheme members.

"The quick execution of this transaction is testament to the excellent preparation undertaken by the trustees and the expertise of our advisers, alongside the execution certainty delivered by Rothesay’s proven offering."

Adding to this, chief finance and corporate services officer at AQA, Nick Stevens, said: "Given the buoyancy of the pensions insurance market, we knew it was important to plan and invest in our scheme to ensure it was well-prepared.

"To secure the pensions of all scheme members with Rothesay represents a really positive outcome for the scheme’s members and AQA."

Managing director at WTW, Shelly Beard, also highlighted the transaction as an example of how a well-prepared scheme can achieve a positive outcome for members in a highly competitive market, describing the deal as "a testament to the collaborative effort of all involved".

"Despite improved funding levels of many pension schemes, and the strong pipeline of transactions in the market this year, we are still seeing good pricing and capacity for small and mid-sized pension schemes approaching buy-in," she added.

This was echoed by business development at Rothesay, Katie Overton, who said: "In a busy and competitive pension risk transfer market, the scheme was well-prepared, which enabled us to transact efficiently, providing long-term security for its members."

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