In July 2015, Gowling WLG advised longstanding Pensions client Rothesay Life on a bulk annuity deal with the Civil Aviation Authority Pension Scheme, worth £1.6 billion. At the time of completion, this was the second largest buy in ever secured by a UK pension scheme. It was also the UK's largest de-risking transaction completed at that time.
Pensions partner Paul Feathers led on the deal, with support from senior associate Stephen Longfellow.
Guy Freeman of Rothesay said: "It's a pleasure to work with the responsive, pragmatic and energetic team at Gowling WLG led by Paul Feathers". He also commented that "the Gowling WLG team is more like an extension of our own team than an external adviser".
Gowling WLG has worked with Rothesay on various transactions of this nature, including advising on Rothesay's £675 million buyout of the pension plan for the Lehman Brothers' European arm and the £500 million "all risks" buyout of the Western United Group Pension Scheme.
Paul Feathers commented that: "Rothesay is a leading player within the market, and is in a prime position to capitalise on opportunities for growth. We're thrilled to be working closely with the team at Rothesay to achieve this".
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