Uniq in £830m buyin with Rothesay Life
The trustee of the Uniq Pension Scheme (which undertook a groundbreaking deficit-for-equity swap earlier this year) has entered into an £830m buyin contract with Rothesay Life.
The scheme trustee operated a competitive tendering process, advised by Lane Clark & Peacock (LCP). Following the selection of Rothesay Life as the preferred provider, the trustee was able within one week to lock into advantageous pricing arising through current market volatility.
Chris Martin of Independent Trustee Services and chairman of the trustee of the Uniq Pension Scheme (formerly the Unigate Group Pension Scheme) commented: "Since the deficit-for-equity swap earlier this year, our main objective has been to secure with an insurance company benefits at least equal in value to Pension Protection Fund compensation with the possibility of a top up above that level. The policy structure designed by LCP and secured with Rothesay Life is an important stride in realising this objective on behalf of the 20,000 members of the scheme."
He adds: "Rothesay Life’s ability to lock in terms and then structure and implement a solution to meet our complex requirements, in a very short period of time, was a key differentiating factor for the trustee."
Author: Pensions World
Pensions World is the leading monthly magazine for pensions professionals published by Butterworths Tolley.
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