Goldman Sachs 2009 Annual Report Download - page 15

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13
The transaction offered an innovative solution to the very speci c
needs of both RSA and the trustees of the pension plans,
who were looking for a highly secure transaction to hedge their
pension obligations.
Goldman Sachs saw an opportunity in the marketplace to
enhance the plans’ asset returns without materially changing
their investment strategy. These enhanced returns covered the
cost of an insurance contract with Rothesay Life, which guaranteed
a signi cant proportion of the plans’ pension obligations.
The transaction also mitigated interest rate, in ation and other
risks and offered a high level of security. Close collaboration by
Goldman Sachs’ Insurance and Pensions Principalling, Interest
Rate Products and Investment Banking businesses helped
facilitate the transaction.
In developing a solution to RSA’s needs, Goldman Sachs
created a new product in the U.K. pension buyout market that
can be extended to other pension plans.
Our Work Enables Growth