Legal experts from international law firm, Gowling WLG, have advised Rothesay Life, one of the UK's largest pension insurers, on a £610 m bulk annuity transaction with the Marathon Service (G.B.) Limited Pension and Life Assurance Scheme. The transaction was a full scheme buy-in, covering the benefits of the 1,400+ members of the scheme.
Paul Feathers and Stephen Longfellow advised on this trade, which continues the firm's longstanding relationship with Rothesay Life. Gowling WLG has advised Rothesay Life on the majority of its pension risk transfer transactions in recent years.
Paul Feathers said:
"We're delighted to have helped Rothesay Life complete another transaction, on this occasion within a relatively tight timescale that was made possible by the collaborative approach adopted by all the stakeholders and their advisors."
Tom Seecharan, Business Development at Rothesay Life, said:
"We needed to move quickly to complete this transaction. Paul and Steve have a detailed knowledge of our business and, in particular, the issues that are important to us. Their knowledge helped to ensure that the process of finalising the legal documentation was painless and that we were able to complete the transaction within the ambitious time frame."
Rothesay Life has now announced just under £2.1bn of bulk annuity deals this year, including a £930m buy-in with the Littlewoods Pensions Scheme, and a £290m buy-in with the IPC Media Pension Scheme. Around £14.3bn of deals have been confirmed by all insurers.