A team of pensions experts, led by Paul Feathers and Steve Longfellow, has assisted Rothesay Life on the largest full scheme buy-out ever undertaken in the UK.
The buy-out relates to the G.E.C. 1972 Plan, a pension scheme sponsored by telent. It will secure the benefits of members - providing certainty and security for the Scheme's approximately 39,000 members made up of c28,000 pensioners and c11,000 deferred pensioners.
The transaction is in two parts: the buy-out will be preceded by a buy-in. The buy-out is expected to be completed before the end of 2022 and will be the largest full scheme buy-out ever undertaken in the UK.
Paul Feathers, Head of Gowling WLG's Risk Transfer Team, said:
"It has been a pleasure to advise our long-standing client Rothesay Life on this milestone transaction. Completion of the transaction was the culmination of a seamless process, which was notable for the collaborative approach adopted throughout by the Plan's trustee, Rothesay Life and both advisory teams."
Sammy Cooper-Smith, Business Development at Rothesay Life, said:
"We are grateful for the support that Gowling WLG provided to us on this transaction, which is a highlight of our long-standing relationship with the Gowling WLG team."