PensionsJan 16 2019

Rothesay Life awarded accreditation

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Rothesay Life awarded accreditation

The industry body established to improve pension administration has recognised the first UK insurer to meet its required standard.

The Pensions Administration Standards Association (Pasa) awarded Rothesay Life its accreditation following an independent evaluation and assessment process.

Rothesay Life is a specialist insurer that takes on the assets and liabilities from UK pension schemes and manages them to maturity.

Kim Gubler, the Pasa chairman, said: "At Pasa we recognise that best practice can be accomplished in different ways which is why we set out to develop an accreditation process that was outcome focussed – to suit different types of organisations.

"Good administration continues to be vital to the running of every pension arrangement, so it is extremely encouraging to see organisations like Rothesay Life recognising its value and taking active steps to ensure their service is of the highest possible standard."

Pasa accreditation is open to all corporate members of the institution, including defined benefit, defined contribution, trust-based and contract-based schemes and insurers.

Rothesay Life was launched in 2007 by Goldman Sachs, which sold its remaining stake to private equity house Blackstone, sovereign fund GIC and insurer MassMutual in 2017.  

It now has £37bn in assets under management and insures the annuities of more than 750,000 individuals.

Jonathan Sarkar, chief operating officer at Rothesay Life, said: "We are proud to have achieved Pasa accreditation and even more so to become the first insurance company to successfully complete the process.

"When considering buy-out, securing an ongoing high standard of member care will be at the forefront of every trustee’s mind.

"This accolade acts as an outward demonstration to trustees and employers that Rothesay Life is wholly committed to delivering outstanding service, whilst reassuring policyholders that their pension benefits remain safe and secure."