Insurer Takes On £4.7B Pension Plan In UK’s Biggest Transfer
Law360, London (September 26, 2019, 1:19 PM BST) -- Rothesay Life said Thursday that it has signed Britain’s largest pension transfer deal, bringing a scheme with 39,000 members worth £4.7 billion ($5.8 billion) under its management.
Rothesay Life PLC said the transaction with telecoms company Telent will make it responsible for paying out retirement funds to 28,000 pensioners in the GEC 1972 Plan, which is currently sponsored by Telent. Rothesay is also taking on 11,000 people of working age who no longer pay into their plans. That scheme was transferred to Telent Technology Services Ltd. from General Electric Co. PLC, which is now defunct after multiple restructurings.
The buyout, in...
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