The UK pension funds for KLM and Vistry have secured member benefits with insurance buy-in transactions.
KLM has completed a £240m (€276m) buy-in transaction with Rothesay, securing the benefits of all remaining 1,852 pension fund members whose policies were yet to be insured. This includes 924 pensioners and their dependants, as well as 928 deferred members.
The transaction was finalised in December 2025, with the deal co-led by EY, acting for the company, and Capita Pension Solutions, which represented and advised the trustees. Rothesay and the trustees received legal advice from Debevoise & Plimpton and Sackers, respectively.
Albert Smidt, chair of the trustee transaction committee, said: “We prepared this buy-in on a short timescale, in close cooperation with the company and the support of our scheme advisors Capita Pension Solutions, Sackers and EY as company advisor.”
Roisin O’Shea, business development at Rothesay, added: “Rothesay’s proven execution capabilities enabled a very quick process, with the transaction completed within two months of the scheme approaching the market and signing just two weeks following exclusivity. As pension scheme demand to secure members’ benefits remains strong, Rothesay continues to be well-placed to respond to the significant pipeline of opportunities we are seeing.”
Vistry
Vistry’s final salary pension schemes have concluded a £155m buy-in with Pension Insurance Corporation (PIC), covering the pensions of 1,671 members. The transaction covers the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme, and Kendall Cross Holdings Limited Pension and Assurance Scheme, all sponsored by Vistry.
Herbert Smith Freehills Kramer advised PIC, while trustees received legal advice from CMS. LCP acted as risk transfer consultant, advising trustees.
Sarah Leslie, director at ndapt, the schemes’ trustee, said: “This transaction is a great result for our members and is testament to the highly collaborative approach between the trustee, company, PIC and the schemes’ advisers. We selected PIC due to its track record for delivering first-class customer service and [its] focus on members.”
Tim Lawlor, group chief financial officer at Vistry, added that the agreement secures the long‑term pension commitments “made to our colleagues, former colleagues and their families, while significantly reducing risk and removing future pension‑related volatility from our balance sheet”.
Jake Stanbridge, origination actuary at PIC, said: “Multi‑scheme transactions require careful coordination; working closely with the trustee and advisers, we delivered a tailored solution that provides long‑term security for members.”
