Bakkavor Pension Scheme has finalised a £160m full scheme buy-in with Rothesay, securing the benefits of all 2,216 scheme members.

The transaction, which was completed in March 2026, covered exactly half (1,108) of scheme members with pensions in payment and half deferred members.

Bakkavor Foods Limited – the scheme sponsor – was acquired by Greencore Group Plc in January 2026.

WTW supported the scheme trustees as the lead adviser for the deal and as the scheme actuary, while Squire Patton Boggs provided legal advice.

Commenting on the transaction, Bakkavor Pension Scheme trustee chair, Jane Scriven, said: “Achieving this full scheme buy-in is a significant step in the scheme’s de-risking journey and secures our members’ pensions for the future.

"We are pleased that our substantial preparatory work, alongside Rothesay’s execution certainty, resulted in an efficient transaction that fully insures the scheme’s benefits.”

Rothesay business development, Katie Overton, added that the pensions insurance specialist was delighted to secure the future for every member of the scheme through this successful transaction.

“The pension risk transfer market continues to be dynamic and fast-moving, which is creating an active pipeline of new business opportunities ahead,” she observed.

Meanwhile, WTW transactions team managing director, Gemma Millington, noted that the transaction demonstrated the benefits of preparation: “In particular, readiness activity previously undertaken by the trustee working in partnership with the scheme actuary and its other advisers, enabled an approach to market within a month of agreeing to move forward with a buy-in.”

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