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Linklaters

Pensions De-risking

We have been at the forefront of developments in creating innovative de-risking solutions

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Our pensions de-risking practice brings together legal expertise in pensions, corporate insurance, investment management, banking, derivatives and structured products and data protection, providing strength in both breadth and depth making sure you have every angle covered for your transaction.

You want the right solution for your scheme – and if that’s not straightforward, we can create it for you. As we lead the market in pensions de-risking solutions, that means we’ve created many industry “firsts”. These include:

  • the first disintermediated longevity solution
  • the first “all-risks” buy-out

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Our experience

Co-operative Pension Scheme (Pace)
Aviva Staff Pension Scheme
Rothesay Life plc
British American Tobacco UK Pension Fund
Rolls-Royce UK Pension Fund
Marks and Spencer Pension Scheme
Rentokil Initial 2015 Pension Scheme
MMC UK Pension Fund
De Beers UK Pension Scheme
Medical Protection Society
AXA UK

Co-operative Pension Scheme (Pace)

We have advised the Trustee of the Co-operative Pension Scheme (Pace) on:

  • A £1.2bn full scheme buy-in for the Bank Section of the Scheme with Rothesay Life. Securing liabilities for just over 9,000 members. (Dec 2022).
  • A further £4bn buy-in with Rothesay Life. Securing liabilities of almost 50,00 members. (Nov 2023)
  • A £1bn buy-in with Aviva Life & Pensions UK Ltd. This was the first buy-in for the Co-op section of the scheme. A significant landmark in their de-risking journey. (Jan 2020)
  • A further £1bn buy-in with Pension Insurance Corporation plc. Securing liabilities of around 7,000 members within the Co-op section of the scheme. (Feb 2020)
  • A £400m buy-in with PIC securing liabilities of around 2,000 members in the bank section – a first buy-in for this section. (April 2020)
  • A 350m bulk annuity buy-in with Aviva. The Trustees benefitted from the contractual terms negotiated in January, allowing them to move swiftly to execution on an expedited timeline. (May 2020)

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.

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 2019 and further buy ins in 2021 and 2022 resulting in all of the £4.1bn of the Fund’s liabilities being covered for all pensions of all 10,000 members. This is the largest pension scheme to date to have secured its liabilities through a series of buy-ins.

Rolls-Royce UK Pension Fund

We advised the Trustee of the Rolls-Royce UK Pension Fund on its £4.6bn buy-in with Legal and General which signed in June 2019.

Marks and Spencer Pension Scheme

The trustee of the Marks and Spencer Pension Scheme on umbrella agreements with Aviva, Pension Insurance Corporation and Phoenix Life, and entering into six buy-ins to date with those insurers covering c. £3.7bn of pensioner 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.

MMC UK Pension Fund

In November 2023, we advised the trustee of the MMC UK Pension Fund on its £2.2bn longevity transaction covering pensioners, deferreds and active members (a market first to cover active members)

De Beers UK Pension Scheme

In January 2024, we advised the Trustees of the De Beers UK Pension Scheme on an £870m full buy-in with Pension Insurance Corporation plc

Medical Protection Society

In May 2024, we advised the employer side on a £125m buy-in with the Medical Protection Society with Rothesay Life

AXA UK

We advised AXA UK PLC and the Trustee of the AXA UK Group Pension Scheme on a £3bn longevity transaction covering mostly deferred members

Key Pensions Derisking Contacts

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