As you may be aware, the Scheme has entered into a number of bulk insurance contracts to match the benefits of a number of the pensioners and one of these is with the insurance company Scottish Widows Limited (“Scottish Widows”). Under this arrangement, known as a buy-in policy, the Scheme is still responsible for paying pensions, but the costs are underwritten by Scottish Widows. A buy-in is a common way for a defined benefit scheme like ours to add an extra layer of security to cover its liabilities.

In March we told you that the buy-in policy held by the Scheme with Scottish Widows will be moving to Rothesay Life Plc (“Rothesay”) subject to a legal process. 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.

What does it mean for you?

You don’t have to do anything as a result of the transfer. There will be no change to your benefit entitlements, to the timing or frequency of your pension payments, or to any benefits payable to your beneficiaries on your death. There will also be no change to the day-to-day administration contact at Gallagher, formerly Buck.

The Scottish Widows policy covered the pensions due for some of our pensioners. As such we were required to provide Scottish Widows with personal data about those members including their pension benefits. 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.

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 Rothesay's website.

For further queries If you have any questions about the transfer of the buy-in policy to Rothesay or your pension benefits, please contact the Administration Team at Gallagher.