Linklaters advise Rothesay Life plc on £3.8bn buy-in with the Allied Domecq Pension Fund

Linklaters has advised Rothesay Life plc on a £3.8bn buy-in with the Allied Domecq Pension Fund. The transaction is the fourth largest buy-in transaction in the UK to date, representing another milestone for Linklaters’ pensions de-risking 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.

The Linklaters team was led by pensions partner Philip Goss, and included counsel, Lorna Tennent as well as managing associates Alasdair Smith and Sarah Parkin as well as associate Elizabeth Forbes.

This is another large buy-in transaction for the firm’s pensions practice following previous roles advising the trustee of the British American Tobacco pension fund at £3.4bn., the record breaking £4.5bn. buyout for the Rolls-Royce pensions fund with Legal & General as well as well as advising the Trustee of Marks and Spencer pension scheme on entering into two bulk annuity insurance policies with Phoenix Life and Pension Insurance Corporation covering a total of £1.4bn of pensioner liabilities.