Signet Group Pension Scheme agrees £236m Rothesay buy-in

The Signet Group Pension Scheme has agreed a £236m full scheme buy-in with pension insurance specialist Rothesay, protecting the retirement savings of its 1,909 members.

The defined benefit (DB) scheme is sponsored by Signet Group Limited, a wholly-owned subsidiary of Signet Jewelers Limited, a Bermuda-based company that is the world's largest retailer of diamond jewellery and owner of brands such as H. Samuel and Ernest Jones in the UK.

Of the scheme’s 1,909 members, 825 are deferred members and 1,084 are pensioners in payment.

The transaction’s lead broker was Mercer, while legal advice was provided to the scheme by Sackers and to Rothesay by Gowling WLG.

LawDeb chair of the trustee, Alan Baker, said: “We are delighted to have worked with our sponsoring employer to secure the pension benefits for all our members with Rothesay.

“As a purpose-built insurer, Rothesay is an attractive partner for us to ensure our obligations are met and pension benefits provided in full. This is a great outcome for our members and has resulted from a really positive and successful collaboration between all those involved.”

Rothesay business development, Tom Seecharan, commented: “The transition from quotation to signing in such an efficient time frame is a testament to the ambition, organisation and dynamism of the Scheme Trustees and its advisers.

“In a busy market our sophisticated risk and pricing systems allow us to transact at speed and offer schemes and sponsors the certainty they need to protect their members’ pensions.”

Mercer UK head of bulk pensions insurance, David Ellis, added: “We worked closely with the scheme and trustee to ensure we were ready to transact when the scheme funding level and market conditions were favourable.

“In this case, support from the sponsoring employer, combined with the cooperation between parties, ensured the process was completed efficiently, achieving long-term security for all members.”

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Cost transparency
Pensions Age editor, Laura Blows, discusses investment cost transparency and savings with Aon’s Neil Smith and Chris Hawksworth. Please click here for an edited write-up of the video
Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih

Advertisement Advertisement