Linklaters has advised the Trustee of the Co-operative Pension Scheme (Pace) on a £1bn buy-in with Aviva Life & Pensions UK Ltd which secures the liabilities of around 7,000 members within the Co-op Section of the Scheme.
This is the first buy-in for the Co-op Section of the Scheme and is therefore a significant landmark in its de-risking journey, supporting the security of members’ benefits.
Aviva plc is a British multinational insurance company headquartered in London, United Kingdom.
The Co-Operative Pension Scheme (Pace) provides financial services. The Company focuses on pension arrangement for co-operative group employees. Pace serves customers in the United Kingdom.
The Linklaters team was led by pensions partner, Phil Goss (Picture), and included Counsels Lorna Tennant and Dominique Hurst as well as Managing Associate Gareth Craft and Associates, Elizabeth Forbes and Joe Chambers.
Involved fees earner: Joe Chambers – Linklaters; Gareth Craft – Linklaters; Elizabeth Forbes – Linklaters; Philip Goss – Linklaters; Dominique Hurst – Linklaters; Lorna Tennant – Linklaters;
Law Firms: Linklaters;