Legal & General turns to Macfarlanes for advice on c.£370m buy-in with Heathrow’s BAA Pension Scheme
This buy-in has secured the benefits of over 1,400 members and is the second pension risk transfer transaction between the parties, with Legal & General previously involved in a £325m buy-in in 2018 for around 1,300 retirees. In total, nearly 3,000 scheme members are now covered by Legal & General.
This transaction involved the implementation of an umbrella bulk purchase annuity contract which will allow the parties potentially to secure any future liabilities quickly as the scheme continues its de-risking journey.
The Macfarlanes team for this matter was led by insurance partner Andrew Barton alongside senior solicitor Madison Isted.
Andrew Barton comments: “It has been a pleasure to assist Legal & General on its latest buy-in transaction and to continue our relationship in this important area of work”.