Our Pensions team has advised the Trustee of Peel Ports Final Salary Pension Scheme on a £230 million buy-in with PIC, covering the pensions of around 2,000 members across a number of Peel Ports Group companies including, The Mersey Docks and Harbour Company Limited, Port of Sheerness Limited, The Manchester Ship Canal Company Limited, Clydeport Limited, and Clydeport Operations Limited.
Peel Ports Group is one of the largest port operators in the UK and transport more than 70 million tonnes of cargo every year across the globe.
Our team was led by Partner Ben Goldby with support from Legal Director Suzanne Mortimer and Senior Associate Frances Binns.
Ben said: "The Gowling team have been advising the pension scheme trustees for two decades. Working collaboratively with Ken Hardman and the LCP using the streamlined platform we supported chair Mandy Willis and the trustee board through a complex and fast paced transaction. Desectionalising the scheme and securing all member benefits in full was a fantastic result for all stakeholders against a backdrop of complex legal issues.
"Suzanne Mortimer and Frances Binns went above and beyond to deliver top quality advice and it was a pleasure to lead the team in support of the Trustee. We are continuing to work with the admin team at Isio and the actuarial team at Aon as well as the TTOL team to move smoothly toward buy-out."
Gowling WLG is committed to driving innovation across pensions and financial services, delivering tailored legal solutions that meet the evolving needs of trustees, sponsors, members and providers. With extensive expertise advising on defined benefit (DB) and defined contribution (DC) schemes, pensions disputes and risk transfer strategies, Gowling WLG is uniquely positioned to guide clients through the complexities of today's dynamic pensions landscape.