On the go: The Ladbrokes Pension Plan has agreed a full buyout worth £420m with Rothesay Life, the scheme confirmed to Pensions Expert’s sister publication MandateWire.
The scheme explained that it purchased a full buy-in policy with Rothesay Life in June 2019, which it is now converting to a full buyout. The deal is due to be completed in July 2021.
This buyout will provide plan members with individual annuity policies, issued by Rothesay Life, which will pay their pension benefits in full.
Scheme sponsor Entain commented: “The company is delighted that the trustee has been able to successfully secure the long-term benefits of the deferred and pensioner members of the plan.”
Prior to the buyout, the scheme’s asset allocation as at December 31 2020 stood at 98.1 per cent insurance policy, 1.2 per cent liability-driven investments, and 0.7 per cent cash and cash equivalents.
This article originally appeared on MandateWire.com
