Specialist defined benefit (DB) pension insurer Rothesay is the latest company to launch a dedicated service for pension schemes below £100m.
Rothesay Radius is aimed at schemes with between £10m and £100m of liabilities and has been launched in response to demand from smaller pension schemes, which the insurer said had “expanded significantly” in recent years.
Rothesay’s data showed that deal volumes for sub-£100m schemes increased from £2.8bn in 2021 to £7.2bn in 2025, while the proportion sub-£100m deals completed each year also rose, “indicating a meaningful shift in scheme distribution”, the company said.
The insurer said it had completed 12 sub-£100m deals in the past 18 months. The ‘Radius’ name for the new service is a reference to Rothesay’s first sub-£100m deal, insuring the Radius Systems Pension Scheme in 2010.
Simon Bramwell, business development at Rothesay, said: “Rothesay continuously invests in our technology and capabilities to drive innovation in the market, delivering security for our policyholders and execution certainty for trustees.
“The launch of Rothesay Radius further supports this mission, protecting smaller pension schemes and their members through a dedicated offering while supporting our growth in a rapidly evolving and exciting part of the bulk purchase annuity market.”
The insurance company has “redesigned key processes and developed dedicated systems” for the new service, it said, as well as establishing a dedicated team. Other features include a template for benefits, simplifications to reduce costs, and a price-lock mechanism.
Music charity strikes buy-in deal with PIC
Meanwhile, Pension Insurance Corporation (PIC) has concluded a £35m full scheme buy-in with the Associated Board of the Royal Schools of Music Pension Scheme.
The transaction insures the benefits of 253 members of the scheme, which is sponsored by the Associated Board of the Royal Schools of Music, a music education charity.
John Bannister, a professional trustee for the scheme from Capital Cranfield, cited PIC’s customer service as a key reason for selecting the company.
Joshua Lenz, origination actuary at PIC, added: “We are pleased we were able to strike the right chord with the Associated Board of the Royal Schools of Music Pension Scheme. The trustees were focused on the importance of customer service for their members, and we’re proud to have been selected on that basis.”
LCP senior consultant Matthew Bleakley said the deal demonstrated that the bulk annuity market was “highly competitive”, meaning “schemes of all sizes are able to secure attractive pricing when they are well-prepared and follow robust processes”.
The trustees received legal advice from Gowling WLG and Sackers, while CMS Cameron McKenna Nabarro Olswang advised PIC.
