Transactions - DECEMBER 19, 2019

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ESPS invests $1b in buy-in with Scottish Widows

by Kali Persall

England’s Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested £805 million ($1 billion) in a pensioner buy-in with Scottish Widows, a life insurance and pensions company in Edinburgh.

According to several media sources, the deal is the first for Electricity North West and the second announced transaction by Scottish Widows this year.

“The transaction represents a significant step in the long-term pensions de-risking strategy, reducing material risk to our customers,” said David Brocksom, CFO of Electricity North West.

Malcolm Sugden, trustee chairman of the board of Electricity North West, added, “The group's funding level has improved significantly in recent years and this transaction allows us to lock in some of that positive performance, providing security to our members and other stakeholders.”

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