International law firm Stephenson Harwood LLP has advised the trustees of JLT UK Pension Scheme on the company's £120 million buy-in agreement of its defined benefit liabilities, with Prudential.
The transaction, which covers a tranche of the £500 million scheme's pensioner members, was structured to enable the trustees to secure the liabilities at a competitive price. Trigger prices were set for tranches of the scheme's liabilities and Prudential was provided with assets to meet these triggers and complete the transaction.
The Stephenson Harwood team advised on all aspects of the buy-in, including negotiations of the legal contract between the trustees and Prudential.
Commenting on the agreement, Graham Wrightson, pensions partner at Stephenson Harwood said: "We're delighted to have advised the trustees of JLT UK Pension Scheme on this successful buy-in with Prudential. The structure we've established secures a sizeable proportion of the scheme's liabilities now but allows the trustees to take advantage of market opportunities in the future by extending the scope of the policy."