Macfarlanes advises Legal & General on £1.6bn buy-in with the National Grid UK Pension Scheme
The buy-in policy will involve the purchase of a bulk annuity with Legal & General and will cover a proportion of the National Grid’s UK pension scheme liabilities, including over 6,000 pensioner members who are in Section B of the company’s UK defined benefit scheme.
The buy-in will further protect the future funding of the scheme by reducing the potential impact of changes in life expectancy and by removing financial risks such as interest rate and inflation changes.
The Macfarlanes team for this matter was led by insurance partner Andrew Barton with assistance from senior insurance solicitor Madison Kaur and insurance solicitor Alexander Cibulskis.
Andrew Barton comments: “We are delighted to have supported Legal & General with the completion of this very significant transaction, helping them to reduce the exposure to long-term pension risks for National Grid and gas consumers.”