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Pensions

Toshiba’s £170m Rothesay deal

Toshiba’s £170m Rothesay deal

Mona Dohle
Thursday 3rd May 2018

Toshiba’s Pension and Assurance Scheme has de-risked £170m of its liabilities in a buy-out with insurer Rothesay Life.

The deal will cover 1,350 former UK employees of the Japanese tech firm, with a single premium bulk annuity as guarantee for Toshiba’s pension liabilities.

Rothesay Life said that the benefits of the agreement will apply largely to deferred members who have not yet retired but constitute a majority of the scheme.

“The advantages of having a sole trustee in place to secure a bulk annuity were very apparent,” Guy Freeman, co-head of business development at Rothesay Life said.

Toshiba is the latest corporate pension fund choosing to de-risk liabilities through buy-out or buy-in deals with insurers. Kingfisher Pension fund announced last week that it agreed a £200m buy-in with the Pension Insurance Corporation (PIC).

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