Littlewoods Pensions Scheme, Liverpool, insured £930 million ($1.2 billion) in liabilities through a buy-in with Rothesay Life.
In its second risk transfer deal, sponsoring employer The Very Group covered the liabilities of the remaining 6,454 participants not insured in a £880 million buy-in with Scottish Widows, completed in 2018. The number of participants covered in the previous buy-in was not available. All liabilities have now been insured.
"I am delighted that, through this transaction with Rothesay Life, we have further secured the pension benefits for all our members. Guaranteeing our pension obligations has been our long-term goal and it is a testament to the quality of our advisers and the longstanding support and collaboration with The Very Group and its shareholders that we could secure this transaction in the current market," Colin Thwaite, chairman of the trustees of the Littlewoods Pensions Scheme, said in a news release.
Trustees were advised on the deal by law firm ARC Pensions Law and consultant Lane Clark & Peacock. Mercer acted as actuary and administrator, while Willis Towers Watson provided investment advice. Rothesay Life was advised by law firm Gowlings WLG.