Clifford Chance (CC), Travers Smith and Eversheds have advised on what is thought to be the UK’s largest pensions buyout to date as Legal & General (L&G) and the trustee of automotive supplier TRW’s pension scheme have completed a £2.5bn partial takeover of the fund.
The buyout gives L&G and the trustee control of 16,000 pensioners’ benefits. A further 15,000 scheme members were given an offer to exchange future inflation-linked increases for a higher level of non-increasing pension income and to have their benefits secured with L&G, of which 37% accepted.
