Linklaters has acted for the Trustee of the Marks and Spencer Pension Scheme.
M&S Pension Trustee entered into two bulk annuity insurance policies with Phoenix Life and Aviva, covering a total of £750m of pensioner liabilities and a further 15% of the Scheme’s pensioner liabilities.
The transactions supplement the four policies secured in 2018 and 2019 (with Phoenix Life, Aviva and Pensions Insurance Corporation), and represent a further progression in the de-risking journey of the Scheme. Total liabilities of the Scheme amount to approximately £11bn.
Both transactions were carried out under the previous umbrella contracts entered into in 2018.
The Linklaters team was led by partner, Phil Goss (Picture) and supported by managing associates, Sarah Parkin, and Will Rose and associate, Kathy Scott.
Law Firms: Linklaters;
Clients: Marks and Spencer Pension Scheme;