Macfarlanes advises Legal & General on its c.£930m buy-in with the Tate & Lyle pension scheme

19 September 2019

Macfarlanes has advised Legal & General Assurance Society Limited on its c.£930m full buy-in for the members of the Tate & Lyle pension scheme.

The buy-in follows on from the first transaction undertaken by the Trustee and Legal & General in 2012 for £350m, meaning that all scheme members are now covered by Legal & General, with a total value of approx. £1.2bn. This transaction covers around 4,800 members which, in addition to the 2012 transaction, means around 6,700 members are now covered by Legal & General in total.

The Macfarlanes team was led by insurance partner Andrew Barton, and included senior insurance solicitor Madison Kaur and insurance solicitor Alexander Cibulskis.

Andrew Barton comments: "We are delighted to have supported Legal & General with this matter, one of the most significant transactions so far this year in the pension risk transfer market."