What is a buy-in?

This is an insurance policy that helps cover a portion of a pension scheme’s liabilities. A buy-in ensures that there are enough funds to meet future obligations in respect of those benefits covered, and is held as an asset of the Scheme, alongside other investments. Pension schemes often use buy-ins as part of their risk management or long-term self-sufficiency strategies.

What about the Scheme?

You might be aware that our Scheme's has entered into a number of bulk insurance contracts to match the benefits of a proportion of the pensioners. One of these is with the insurance company Scottish Widows Limited (Scottish Widows), a leading UK pensions insurance specialist. Scottish Widows have made a decision to transfer its buy-in policy business to Rothesay Life Plc (Rothesay), and the transaction is expected to complete by 11 June 2025, pending High Court approval.

There is no action required from you. Your pension benefits, payment schedule, and entitlements remain unchanged. The Scheme Administrator, Gallagher, will also stay the same.

Shortly after the hearing, Scottish Widows will update their website with the outcome.

If you want to raise any concerns, you have the right to object at the High Court. You can make your objection by contacting us (and we will pass your objection on to Scottish Widows). Please let us know if you plan to attend the hearing. The address is The Rolls Building, Fetter Lane, London, EC4A 1NL.

Visit the Rothesay website or, for any general questions about the Scheme, get in touch with Gallagher using the details on the back page.

You can also read a more detailed announcement on the Scheme website.