Linklaters advises Trustee of John Laing Pension Fund on buy-in with Aviva Life and Pensions UK Ltd

Linklaters has advised the Trustee of the John Laing Pension Fund in connection with its entering into a framework buy-in contract with Aviva Life & Pensions UK Limited.

Under the terms of the contract, the Trustee paid an initial premium of £320m, with Aviva Life & Pensions UK Limited assuming responsibility for paying the benefits of a tranche of the Fund’s pensioner population and their dependents.

The Linklaters team was led by pensions partner Claire Petheram with managing associate Marcus Kealey and counsel Alasdair Smith. The team also included partners Lorna Tennent (Mainstream Corporate), Jean Lovett (Employment), counsel Jamie Coomber (Tax) and associate David Liao (TMT/IP).

The Fund is on a journey to full buy-out and this deal is a significant step towards achieving that objective.

It is the latest significant buy-in transaction for the firm’s Pensions practice, following its role advising the Trustee of the Co-operative Pension Scheme (Pace) on a £400m buy-in with Pension Insurance Corporation plc in 2020, in addition to advising Rothesay on a £230m buy-in with Aberdeen City Council Transport Fund earlier this year.