Goldman Sachs' pensions insurer Rothesay Life has signed a deal to buy out part of electronics group Philips' UK pension fund, in the latest in a string of pension buyouts in recent months.

The £484 million Philips deal, announced this morning, covers about 14% of the pension fund's £3.5 billion liabilities in respect of some of its already-retired staff, according to Clive Wellsteed, Partner at LCP, adviser to the trustee.