High street banking group Natwest Group has made a deal worth around £11 billion to outsource some of its pension payments.
According to the group, a series of transactions have taken place, managed by the trustee of the group’s pension fund. These included a buy-in in May, as reported in its 2024 Interim results report, and its latest deal where a third of its main section is now covered by a buy-in investment, as reported in its Q3 2024 Results statement. This was published last month but not publicly reported.
Its 2023 Annual report and accounts reported that the group’s pension fund had £33.6 billion of assets and around 190,000 members at the end of September.
A spokesperson for Natwest Group Pension Fund said: “As part of its long-term strategy, the trustee of the Natwest Group Pension Fund has insured around one-third of the main section with buy-in policies. The buy-in policies are fund investments that further improve the security of member benefits by increasing protection against demographic and investment risks. As with other investment decisions there is no change to member benefits and members will continue to receive their benefits directly from the fund.”
Natwest Group has been contacted for comment regarding whether the pension payments have been outsourced to pensions insurance specialist Rothesay, as reported by other publications.
