Two pension schemes linked to Mativ Holdings Inc, a global speciality materials company, have completed a £105m full scheme buy-in with Rothesay.

The deal secures the pensions of 1,341 members across the Scapa Group Limited Pension Scheme and the Fibermark UK Pension Plan.

Both schemes are sponsored by Mativ-owned companies, which allows members of both schemes to be insured through a single transaction.

The bulk of the transaction – around £100m – insures all benefits of the Scapa Group scheme, protecting 843 pensioners and their dependants as well as 413 deferred members.

The remaining £5m secures the Fibermark UK scheme, sponsored by Neemah Red Bridge International Limited, which protects each of the scheme’s 37 pensioners and dependants and a further 48 deferred members.

Mercer acted as lead risk transfer adviser on the deal. Rothesay received legal advice from Eversheds Sutherland, while the trustee was advised by Pinsent Masons.

Rothesay business development, Roisin O’Shea, said: “Rothesay is committed to providing bespoke de-risking solutions for all of its clients and we are pleased to now protect the pensions of both schemes, delivering on the trustees’ commitment to secure the future for their members.

"The pension risk transfer market continues to be busy and competitive as schemes of all sizes seek an insurance transaction as part of their long-term endgame strategy.”

Adding to this, Mercer principal, John Martin, said: “The pensions de-risking market remains highly competitive, yet this transaction demonstrates that there is capacity for all well-prepared schemes to secure the future for their members – even complex ones.”

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