Repsol Sinopec Pension and Life Scheme, London, completed a £160 million ($199 million) buy-in with Rothesay, insuring all participants of the plan.
The deal secured the benefits for almost 450 participants, a Rothesay news release said.
The sponsoring employer, North Sea oil and gas exploration and production company Repsol Sinopec, moved ahead with the buy-in under an accelerated process, which allowed its sole trustee — Vidett — to secure the benefits with favorable pricing.
"The scheme has been through quite a journey over the last 12 months," said James Chalk, trustee director at Vidett, in the news release. "With the help of our advisers, we acted quickly to lock in funding level improvements seen in the first half of 2022 and position the scheme to secure a great outcome in an increasingly busy insurance market."
Isio provided investment advice to the trustees. Hymans Robertson was lead broker on the deal. Legal advice was provided to the trustees by Addleshaw Goddard, while Rothesay received legal advice from Eversheds Sutherland.
A spokeswoman for Repsol Sinopec could not immediately be reached for comment.
