3 Firms Guide £610M Oil & Gas Worker Pension Buy-In
Law360, London (September 2, 2020, 2:32 PM BST) -- A pension scheme for oil and gas workers has insured £610 million worth of liabilities with Rothesay Life, the insurer said, in a deal advised by Sacker & Partners LLP, Gowling WLG and Herbert Smith Freehills LLP.
Rothesay Life said Tuesday it completed the buy-in deal with Marathon Service Limited Pension and Life Assurance Scheme.
The scheme, which has 740 pensioners and 700 deferred members, is the retirement plan for employees of the Marathon Oil Corp., which was purchased by RockRose Energy PLC in 2019.
RockRose, which is the scheme's sponsoring employer, initiated the buy-in after identifying "an opportunity on the...
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