Macfarlanes advises Legal & General on £275m buy-in transaction in respect of the Hitachi UK Pension Scheme

25 August 2020

Macfarlanes has advised long-standing client Legal & General on a £275m defined benefit pension buy-in transaction with the Trustee of the Hitachi UK Pension Scheme.

The transaction covers the scheme’s remaining uninsured deferred members and retirees since the scheme underwent its first buy-in transaction with Scottish Widows in 2018. This latest buy-in helped the Trustee in securing the long-term financial security of members whilst allowing them to take advantage of current favourable pricing conditions and market capacity.

The Macfarlanes team was led by insurance partner Andrew Barton with assistance from senior solicitor Madison Kaur and solicitor James Penfold.

Andrew Barton comments: “We are delighted to have supported Legal & General once again on the completion of this significant transaction, helping them to establish a relationship with the Hitachi Trustee and to complete the scheme’s phased buy-in journey.”