Legal & General’s £1.6 Billion Buy-In With The National Grid UK Pension Scheme

Macfarlanes has advised long-standing client Legal & General on a pension risk transfer transaction of £1.6bn with the National Grid UK Pension Scheme.

The buy-in policy will involve the purchase of a bulk annuity with Legal & General and will cover a proportion of the National Grid’s UK pension scheme liabilities, including over 6,000 pensioner members who are in Section B of the company’s UK defined benefit scheme.

The buy-in will further protect the future funding of the scheme by reducing the potential impact of changes in life expectancy and by removing financial risks such as interest rate and inflation changes.

Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services company headquartered in London, United Kingdom.

The Macfarlanes team for this matter was led by insurance partner Andrew Barton (Picture) with assistance from senior insurance solicitor Madison Kaur and insurance solicitor Alexander Cibulskis.

Involved fees earner: Andrew Barton – Macfarlanes LLP; Alexander Cibulskis – Macfarlanes LLP; Madison Kaur – Macfarlanes LLP;

Law Firms: Macfarlanes LLP;

Clients: Legal & General ;