Published
17th June 2025
As you may be aware, we previously signed an agreement with the insurance company Scottish Widows Limited (“Scottish Widows”) to secure your pension benefits. This agreement is referred to as a ‘buy-in policy’. In March 2024, Scottish Widows agreed to transfer its bulk purchase annuities business to Rothesay Life Plc (“Rothesay”), subject to appropriate approvals. Under the terms of the proposed transfer, this will include the transfer of our buy-in policy with Scottish Widows.
We are now writing to confirm that the transfer has been approved by the High Court of England and Wales and, with effect from 11 June 2025, our buy-in policy with Scottish Widows has been transferred to Rothesay. The terms and conditions of the policy will remain the same.
What this means for you
The transfer to Rothesay does not change our obligations to you as a member of the Scheme or the Scheme rules. We will continue to be the trustees of the Scheme and our responsibilities to you will continue as they are.
There will be no change to:
• Your benefit levels
• The payment timings or frequency of pension payments
• Any benefits payable to your beneficiaries on your death
Your data
In addition to the pension benefit details, Scottish Widows has provided Rothesay with personal data that they need to administer our buy-in policy. Rothesay’s privacy notice provides full details about how and why they process personal data. It also explains your rights under data protection laws. It is available on Rothesay’s website at:
https://www.rothesay.com/data-protection/privacy-notice-for-scheme-members/
About Rothesay
Rothesay is the UK’s largest pensions insurance specialist, protecting over a million pensions. They provide financial security to their policyholders and scheme members, investing over £70 billion according to their cautious, long-term investment strategy. For more information, please visit www.rothesay.com
For further queries
If you have any questions about the transfer of the buy-in policy to Rothesay or your pension benefits, please contact: [email protected] or 0141 566 7642
