We advised the Trustee of the RHM Pension Scheme on a segregated merger with two of the Premier Foods Group’s other pension arrangements. The merger created a scheme with combined assets of around £5.5 billion and included a package of employer covenant protections.
One Stop Stores Trustee Services Limited
Our Pensions team have advised the trustee of the One Stop Stores Pension Scheme on a bulk transfer of assets to the Legal & General Mastertrust. The transaction is set to improve the retirement outcomes of many present and former One Stop employees, who will benefit from the economies of scale that a Master Trust can offer.
Our Pensions team have advised Rothesay on a £230m buy-in with Aberdeen City Council Transport Fund, part of the North East Scotland Pension Fund, to secure pensioner liabilities. This is only the second buy-in to date involving the Local Government Pension Scheme.
Aviva Staff Pension Scheme
We advised the Trustee of the Aviva Staff Pension Scheme on an umbrella buy-in contract with Aviva Life with an initial value of £1.7bn in October 2019. This represents the largest bulk purchase annuity contract entered into by Aviva Life to date.
Rothesay Life plc
We advised Rothesay Life plc on a £3.8bn buy-in with the Allied Domecq Pension Fund in September 2019. The transaction is the fifth largest buy-in transaction announced to date by our pensions practice which has built a reputation for record breaking deals in this area.
The buy-in secures the majority of the Fund’s liabilities and is the largest scheme buy-in on record that incorporates deferred members.
Tate & Lyle Group Pension Scheme
We advised the Trustee of the Tate & Lyle Group Pension Scheme on its £930m buy-in with Legal & General in September 2019.
British American Tobacco UK Pension Fund
We advised the Trustee of the British American Tobacco UK Pension Fund on a £3.4bn buy-in for pensioner and deferred members of the Fund in July 2019. The deal represents the third largest buy-in to date, and will help to improve the security of members’ benefits.
Rolls-Royce UK Pension Fund
We advised the Trustee of the Rolls-Royce UK Pension Fund on its £4.6bn bulk annuity contract with Legal and General in June 2019.
Pearson Pension Plan
We advised the Trustee of the Pearson Pension Plan on two umbrella buy-in policies with Aviva and Legal & General in 2017, covering £1.2bn of pensioner liabilities, and the addition of a further £500m of liabilities to the Legal & General policy in early 2019.
Marks and Spencer Pension Scheme
We advised the Trustee of the Marks and Spencer Pension Scheme on two umbrella buy-in policies in 2018 with Aviva and Phoenix Life, a further umbrella buy-in with Pension Insurance Corporation in 2019 and an additional transaction with Phoenix Life under the existing umbrella buy-in in 2019. These cover in total £2.9bn of the Scheme’s liabilities.
Rentokil Initial 2015 Pension Scheme
We advised the Trustee of the Rentokil Initial 2015 Pension Scheme on its £1.5bn buy-out with Pension Insurance Corporation plc completed at the end of 2018.