UK Pensions - Surplus fund gives Rank pension windfall after buyout
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
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