2020 Trustees secure £170m full buy-out of Toshiba Pension and Assurance Scheme with Rothesay Life

2020 Trustees are delighted to have recently insured the benefits of members of the Toshiba Pension Scheme with Rothesay Life.

The transaction provides considerable security for our many members. As the sole trustee, we worked very closely with Toshiba and our advisors at PwC. The result was that this exercise was completed in a fraction of the time and with a much lower implementation cost than other schemes spend on similar exercises.

By moving deliberately and decisively, we were able to take advantage of beneficial market pricing, with huge associated cost savings.

CEO of 2020 Trustees, Antony Miller, recommends that schemes considering a buy-in or buy-out exercise seek specialist advice and competent project management. Antony commented that

These exercises are often complicated by emerging legal and data related issues, and without appropriate direction and commercial pragmatism it is all too easy to become derailed and incur unnecessary costs.

He adds that

Not all trustees or professional trustees are the same. Abilities and experience range massively within the professional Trustee market. It certainly pays to seek evidence of past transactions and details of historic costs.

Guy Freeman, Co-Head of Business Development at Rothesay Life, said:

We are delighted that Rothesay Life is insuring the pension benefits for Toshiba. The advantages of having a sole trustee in place to secure a bulk annuity were very apparent. Working directly with 20-20 Trustees made this execution process highly efficient.

For further information relating to the services provided by 2020 Trustees please contact Neil Barton on 07904 492921 or neil.barton@2020trustees.co.uk

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