A large deal to take over the pension scheme of CDC, the UK Government-owned, emerging markets private equity investor, has pushed the total value of pension buyout deals this year past £4bn (€4.5bn), a third more than expectations expressed just a month ago.

CDC, advised by actuarial consultant Mercer, has reached a £370m deal for Rothesay Life, a specialist insurer backed by Goldman Sachs, to insure the future pension payments of the members of CDC's defined benefit pension scheme. The deal is the second-largest pensions buyout this year, after the Merchant Navy Officers' Pension Fund's £500m agreement.