Medical Protection Society Pension Scheme, London, has completed a £125 million ($159 million) bulk purchase annuity full plan buy-in with insurance firm Rothesay Life, according to a news release.
The plan is sponsored by the Medical Protection Society, a member-owned, not-for-profit protection organization for doctors, dentists and healthcare professionals. The transaction secures the benefits of more than 600 participants; 174 retirees and 444 deferred participants.
“We are delighted to secure the pensions of all our plan members through this transaction," said Richard Pile, chief financial officer at the Medical Protection Society, in the news release. "Given improved funding levels and the hard work we put into preparing the plan for its end-game, we were able to work quickly with all parties to achieve a great outcome in a busy market.”
Gowling WLG provided legal advice to the trustees, while Rothesay received legal advice from Eversheds Sutherland.
The buy-in follows Rothesay’s acquisition of Scottish Widows’ £6 billion bulk annuity portfolio earlier this year.
