Trustee of the Marks and Spencer Pension Scheme’s entering into two bulk annuity insurance policies totalling £1.4bn


Linklaters has acted for the Trustee of the Marks and Spencer Pension Scheme on entering into two bulk annuity insurance policies totalling £1.4bn.

These policies cover the Scheme’s longevity risk for around one third of its pensioner liabilities. Total liabilities of the Scheme amount to approximately £10bn.

Both insurance policies were structured as umbrella contracts which means that the Trustee will be able to enter into future transactions with the two insurers on the same terms in the future, taking account of market conditions at the time.

The Linklaters team was led by Philip Goss and Victoria Sander and supported by Sarah Parkin and Lorna Tennent.

Involved fees earner: Victoria Sander – Linklaters; Philip Goss – Linklaters; Lorna Tennent – Linklaters; Sarah Parkin – Linklaters;

Law Firms: Linklaters;

Clients: Marks and Spencer Pension Scheme;