DLA Forges £390M Pension Deal For Sheffield Steel Co.

By Martin Croucher (December 21, 2021, 3:18 PM GMT) -- A stainless steel manufacturer based in Britain has insured £390 million ($516.5 million) of liabilities in its pension scheme with Rothesay Life, the insurer said on Tuesday, amid a series of similar deals in the run-up to Christmas.

The deal secures the benefits for 926 members of the AvestaPolarit Pension Scheme, which is sponsored by Outokumpu Stainless Ltd., based in the northern city of Sheffield. It was announced as experts predict £45 billion of pension insurance transactions for 2021, despite a rocky start to the year for the market.

"As a specialist insurer of pensions, Rothesay is an ideal partner, and scheme...

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