Laird Pension Scheme has secured the benefits of its 940 members in a bulk annuity deal worth £110m, it has revealed.

The deal, agreed with Rothesay Life, covers approximately 570 pensioner members and 370 deferred members.

According to the trustees, the scheme will start to wind up in the first half of 2019.

Commenting on the deal, Rothesay Life business development, Cleo Taylor, said: “We are delighted that the Trustees of the Laird Pension Scheme have chosen Rothesay Life to insure the pension benefits of their members.

“Our ability to provide price certainty and execute deals efficiently allowed us to move quickly once the Trustees were ready to transact.”

She added that Rothesay Life is looking to grow its new business team to cope with the demand for full scheme buyouts.

Laird Pension Scheme chairman of the trustees, Marion Downie, commented: “The trustees were pleased to enter into this policy with Rothesay Life which we believe to be in the best interests of members. In doing so, we achieved the shared objective of the trustee and the company to secure the scheme’s liabilities.”

The scheme was advised by Willis Towers Watson (WTW) and Pinsent Masons, while Rothesay Life was guided by Gowling WLG.

WTW transaction specialist, Tom Ashworth, added: “One of the main drivers in ensuring cost effective de-risking of the scheme was the trustees’ demonstration of commitment to the transaction, supported fully by the sponsor.

“The scheme provided a clear project plan and decision making framework to the insurance market, ensuring healthy competition for a complex scheme."

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