Pensions team has advised the trustees of the Wood Pension Plan on the successful completion of a £1.65 billion buy-in transaction with Legal & General (L&G), securing the benefits of all 16,400 members.
The transaction marks a significant milestone for the Plan and is the culmination of a year-long project led by the trustees' risk transfer brokers LCP. Gowling WLG has advised the trustees of the Plan on all aspects of pensions law for around 20 years, and the specialist pension risk transfer team supported the trustees on this transaction.
The focus of the trustees throughout was on improving security of member benefits whilst ensuring that members continue to receive a high-quality service and experience over the long term.
A cross-firm team of experts from Gowling WLG included pensions, banking and funds teams. The team was led by client partner Ben Goldby, risk transfer lead partner Christopher Stiles, and long-standing trustee advisor Legal Director Suzannah White.
Ben Goldby commented: "We are delighted to have supported the trustees on this landmark transaction. Our pension risk transfer team provided fantastic support to ensure a great outcome in a competitive market place and our wider cross-firm team delivered a complex project against tight deadlines. This deal reflects the value of careful planning, strong collaboration between the trustees, sponsor and advisers, and a clear focus on delivering the best possible outcome for members."
As demand for pension risk transfer solutions continues across the UK market, transactions such as this highlight the growing importance of specialist legal advice in helping trustees navigate complex de-risking exercises. Gowling WLG offers a market-wide blend of expertise across all of the end game solutions in the market to help trustees and sponsors achieve their long-term objectives.