Pensions insurer Rothesay Life has secured a £230m bulk annuity transaction with General Motors UK Retirees Pension Plan, protecting the pensions of the plan's 11,000 members.

Along with Rothesay Life's £680m deal with the Merchant Navy Officers Pension Fund, the insurance provider has written over £1bn of new annuity business in 2012 and its new business written to-date has passed £10bn.

Addy Loudiadis, CEO, Rothesay Life, said: "We are delighted to have exceeded £10bn of total business written since Rothesay Life was established in 2007."

She added: "We pride ourselves on providing good value to pension schemes and delivering what we commit to, through an efficient and transparent execution process.

"We see continued strong demand from many pension funds for 2013 and beyond, in part driven by a current trend for funds to use their UK gilts to purchase bulk annuities. This switch allows them to pick up other protections, such as longevity risk removal and interest rate hedging, providing a closer match to liabilities with little impact on overall returns."


First published 13.12.2012

monique_simpson@wilmington.co.uk