London – Mayer Brown has advised the Trustee, Molins U.K. Pension Fund Trustee Limited, of the Molins U.K. Pension Fund on a circa £249 million buy-in of the scheme's liabilities with Aviva Life & Pensions UK Limited. For commercial reasons, the transaction was carried out in a short timeframe, with Mayer Brown (and WTW) supporting the Trustee in ensuring it was completed on target.
Sanjay Gupta, BESTrustees, Chair of Trustee commented: "We are pleased to have achieved this significant step that will provide greater security for members' benefits. The collaborative and constructive approach between the Trustee, Mpac Group Plc (the scheme sponsor) and our advisers has helped to secure this very positive outcome."
The Mayer Brown team was led by Global Insurance Industry Group partner Tom MacAulay and included Pensions partner Jay Doraisamy, counsel Esther White and senior associate Liam Kellett and IP associate Ellen Hepworth.