The Medical Protection Society Pension Scheme has completed a £125m buy-in with Rothesay, securing benefits for all 618 scheme members, comprising of 174 pensioners and dependants and 444 deferred members.

Gowling WLG provided legal advice to the trustee, while Eversheds Sutherland provided legal advice for Rothesay. Isio acted as the lead broker on the deal.

Commenting on the deal, sole trustee at Zedra Governance, Colin Richardson, said: "Given the level of competition in the market, this transaction is evidence of the importance of effective scheme preparation.

"Following the diligent advice and guidance of Isio and Gowling, we gained the interest of five insurers, ultimately electing to partner with Rothesay on account of their high-quality offering and good value.

"The transaction secures the future pension payments and benefits for all scheme members representing a very positive result in a short time frame."

Adding to this, chief financial officer at The Medical Protection Society Limited, Richard Pile, said: "Given improved funding levels and the hard work we put in to preparing the scheme for its endgame, we were able to work quickly with all parties to achieve a great outcome in a busy market."

Business development at Rothesay, Katie Overton, also said that Rothesay is "pleased" to have secured the future for the scheme’s members, suggesting that in a "very buoyant market", this was a well-prepared scheme that supported the "quick and efficient" execution of this de-risking transaction.

Senior deal manager at Isio, Tom Ridley, agreed, noting that this transaction was executed in "good time" thanks to the trustee, company, Rothesay and all their advisers.

"We are delighted to have supported the trustee and the society in delivering on their objectives and protecting the benefits of all scheme members. It was also pleasing to see such high levels of insurer engagement in a busy market," Ridley concluded.

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