Smith & Nephew UK Pension Fund completes £260m buy-in with Rothesay

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Smith & Nephew UK Pension Fund completes £260m buy-in with Rothesay

By Sophie Smith

8/8/23/

The Smith & Nephew UK Pension Fund has completed a £260m buy-in with Rothesay, securing the retirement benefits for 1,885 pensioners and dependents, and 2,315 deferred members.

The deal builds on previous buy-in deals in 2013, 2017 and 2022, and covers all remaining uninsured members of the scheme, completing the scheme’s objective of insuring all of its members’ benefits with Rothesay.

LCP acted for the trustee as the lead broker on the transaction, while legal advice was provided to Rothesay by Eversheds Sutherland and DLA Piper, and to the trustee by Travers Smith.

Commenting on the deal, Rothesay business development, Katie Overton, stated: “We are very happy to have helped the Smith & Nephew UK Pension Fund complete its de-risking journey, securing the benefits of all its members.”

The scheme is sponsored by Smith & Nephew UK Limited, a portfolio medical technology company.

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