Macfarlanes has advised European retailer Fnac Darty in relation to the £330m buy-in of the Comet Pension Scheme with insurance company Canada Life UK.

The transaction secures the long-term benefits of all c.4,500 pension scheme members by transferring the financial risk associated with future pension payments to a highly rated insurer. It represents a major de-risking milestone for Fnac Darty, providing greater cost certainty and strengthening the long-term financial position of the business.

The Macfarlanes team was led by Pensions Partner Faye Jarvis alongside Senior Counsel Paul Lawrence.