Gowling WLG has provided legal advice to the Trustee of the ICL Group Pension Plan, a Fujitsu pension scheme.
ICL Group Pension Plan has insured longevity risk in respect of £3.7 billion of its liabilities, with Swiss Re providing the reinsurance coverage. Working with its advisers the Trustee was able to optimise pricing by utilising a new Insight Investment platform to provide access to the reinsurance market via a Trustee owned Guernsey insurance cell.
The hedge covers pensions in payment for approximately 9,000 members of the plan and provides long-term protection against additional costs resulting from pensioners or their dependants living longer than expected.
The Gowling WLG legal advisory team was led by partner Paul Feathers (Picture), head of the firm’s pension risk transfer practice and included experts from the firm’s pensions, finance, financial services regulatory, tax and disputes teams.
Involved fees earner: Paul Feathers – Gowling WLG;
Law Firms: Gowling WLG;
Clients: Trustee of the ICL Group Pension Plan;