Linklaters advises the Trustee of the RAC (2003) Pension Scheme on its £1.3 billion buy-in with Aviva

Linklaters has advised the Trustee of the RAC (2003) Pension Scheme on its £1.3 billion bulk purchase annuity full buy-in with Aviva. The transaction, completed in August 2024, secures the benefits for all the Scheme’s c19,000 members.

The deal highlights Linklaters’ capacity to execute complex de-risking transactions to secure members’ benefits - particular features of this deal included a novation of the Scheme’s existing longevity swap and an illiquid asset transfer.

The Linklaters Pension team was led by partner Rosalind Knowles and counsel Alasdair Smith, and supported by managing associates Rebecca Fellas and Oliver Hill, and associate William Earl.

Rosalind Knowles, partner at Linklaters comments:

“This transaction was a great team effort by the Trustee, Aviva and all advisors to execute a complex transaction with many moving parts. We are delighted to have applied Linklaters’ de-risking expertise to help the Trustee achieve this important milestone for members.”