Macfarlanes advises Legal & General on £285m bulk annuity with Fortune 500 company

21 September 2018

Macfarlanes has advised long-standing client Legal & General on a £285m bulk annuity transaction with a Fortune 500 multinational firm covering their UK-based Retirement Benefits Scheme

The transaction, which included residual risks cover for the trustees, proceeded in two parts, with around £250m of the scheme liabilities insured initially, allowing the liabilities relating to around 100 deferred members to be insured on locked-in commercial terms in a follow-on transaction once an ongoing Enhanced Transfer Value (ETV) exercise had been completed.

The Macfarlanes team for this matter was led by insurance partner Andrew Barton with assistance from insurance solicitor Madison Kaur. Pensions advice was provided by partner Camilla Barry and senior counsel Sheamal Samarasekera, with further assistance coming from commercial solicitor Roisín Cregan.

Andrew Barton comments: "We are delighted to have supported Legal & General with this innovative transaction, which provided a tailored solution to the trustees' needs. It was a pleasure to work with all parties involved."