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Rothesay completes £260m buy-in with Smith & Nephew UK Pension Fund

By Michael Griffiths

Rothesay has completed a £260m buy-in transaction with the Smith & Nephew UK Pension Fund.

The transaction completes the fund’s objective of insuring all its members’ benefits with Rothesay, following previous buy-in transactions in 2013, 2017 and most recently last year.

Smith & Nephew UK, a portfolio medical technology company, sponsors the fund and the latest transaction secures the benefits for all remaining uninsured members of the fund with Rothesay, which includes 1,885 pensioners and dependants, and 2,315 deferred members.

LCP acted for the trustee as the lead broker on the transaction, with Eversheds Sutherland and DLA Piper providing legal advice to Rothesay, and Travers Smith providing legal advice to the trustee.

“We are very happy to have helped the Smith & Nephew UK Pension Fund complete its de-risking journey, securing the benefits of all its members,” commented business development at Rothesay, Katie Overton.

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