Three buyers are to pay Goldman Sachs hundreds of millions of pounds for its stake in Rothesay Life, the UK pensions buyout firm it founded a decade ago.
The buyers, MassMutual (an American life insurance company), Blackstone (a private equity giant) and GIC (the Singapore sovereign wealth fund) are already shareholders in Rothesay Life.
In December 2012, £680 million of MNOPF Old Section pensioner and deferred member liability was bought by Rothesay Life to provide enhanced security for members’ benefits.
The MNOPF fully expects this enhanced security to be maintained. The sale will not affect the pensions paid to Old Section members, nor the operation of the payroll and administration consolidator service – myMNOPFpension. Members will continue to have a single point of contact and a single tax code for all their benefits. More information about myMNOPFpension can be viewed here.