UK Pensions - Surplus fund gives Rank pension windfall after buyout

News

Goldman Sachs' wholly-owned bulk purchase annuity subsidiary, Rothesay Life, secured its first transaction by using the surplus on the £700 million Rank Group pension scheme to provide a £20 million windfall to the gaming company and an undisclosed amount to pension scheme members.

The buyout was the outcome of a long de-risking process, according to Sam Wren, director of tax, treasury and pensions at Rank. "With a turnover of £500 million, the company was too small to support such a large scheme

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: