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    07-06-2019

    Eversheds Sutherland acts for Legal & General on £4.6bn+ bulk annuity transaction

    Eversheds Sutherland has advised longstanding client Legal & General on another record-breaking bulk annuity transaction: a partial buy-in to buy-out with the Rolls-Royce UK Pension Fund (RRPF), in excess of £4.6bn, covering the benefits of around 33,000 in-payment pensioners.

    This is the UK’s largest bulk annuity transaction.

    The global legal practice previously acted for Legal & General when it partnered with Rolls-Royce in 2016, completing a £1.1bn buy-out for the Vickers Group Pension Scheme. It also advised Legal & General on its £2.4bn buy-out of the Nortel Networks UK Pension Plan last year.

    Corporate insurance Partner Hugo Laing and pensions Partner Mark Latimour led the Eversheds Sutherland team, with support from Senior Associate Rosamund Wood (pensions), Legal Director Vanessa Wells (pensions), and Associate Henry Dean (financial services).

    Eversheds Sutherland worked closely with the legal team at Legal & General including Helena Hawthorn, Camilla Curtis and Hannah Kilshaw.

    Legal & General has now entered into four of the five largest UK bulk annuity transactions.

    Partner Hugo Laing commented:

    “We are thrilled to have once again assisted Legal & General on such a significant transaction for the company and one that supports its relationship with Rolls-Royce.

    “This is a large, ambitious market and this transaction is symbolic of the kinds of transactions that are possible. We are delighted for the Rolls-Royce UK Pension Fund and its members.

    ”We particularly enjoyed collaborating with the CMS team (who also acted for Legal & General) as well as the other advisors. It was a great outcome for all of the parties involved.”

     

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