The Western United Group Pension Scheme has entered into a £115m buy-in with Rothesay Life. The trustees were advised by Lane Clark and Peacock (LCP).
The pension fund, belonging to the Vestey Group, has exchanged UK gilts for a bulk annuity insurance policy that closely matches a portion of the scheme’s liabilities.
Vestey Group’s group head of reward Ben Fowler said: “Our decision to enter into the buy-in policy with Rothesay Life is part of the trustees’ and company’s long-term plan to secure our members’ benefits by investing in assets that match the scheme’s liabilities. The buy-in executed with Rothesay Life has given us a secure, low-risk asset into which we could switch from our relatively highly-valued UK gilts, picking up other protections such as cover against longevity risk and pension increase risk for a portion of the scheme’s liabilities.”
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