The Marathon Service Limited Pension and Life Assurance Scheme has completed a £610m full buy-in with Rothesay Life, covering over 1,400 members.

The transaction, which was initiated by the scheme’s sponsoring employer, RockRose Energy, has secured benefits in full for the 740 pensioners and 700 deferred members in the scheme.

The transaction was led by Lane Clark and Peacock (LCP), acting for RockRose, with legal advice provided by Sackers.

The trustees meanwhile, were advised throughout by Mercer and Herbert Smith Freehills, whilst Rothesay Life received legal advice from Gowling WLG.

Independent Trustee Services executive chairman and chair of trustees, Chris Martin, noted that the transaction had ensured a “greatly enhanced level of security” for members, adding that the scheme was delighted to have secured the buy-in "in the current economic climate".

LCP partner, Ken Hardman, said the transaction as a “concrete example” of identifying market opportunity and acting on it "quickly", before market conditions revert.

RockRose chair, Andrew Austin, added: “This transaction gives certainty for the members’ pensions with an experienced and financially strong provider. The secondary benefit is that it has capped the financial risk to the sponsor.

“We are grateful for the advice received from LCP that allowed us to be opportunistic and secure outcomes that mutually benefited both the pension scheme members and the sponsoring employer.”

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