Linklaters and Eversheds Advise On £4.6BN Rolls Royce Pension Deal
The two firms are both acting for long-standing clients in a deal that could affect 33,000 pension fund members.
June 06, 2019 at 05:49 AM
2 minute read
Linklaters and Eversheds Sutherland are advising on the largest-ever U.K. corporate pension risk transfer, as Rolls Royce agrees a deal to move £4.6 billion of its U.K. pension fund assets to insurer Legal & General.
Rolls Royce, which makes engines for plane manufacturers Airbus and Boeing, said in a statement that the transfer will affect about 33,000 members out of a total of 76,000.
Linklaters is advising longstanding client Rolls Royce on the transfer. Global pension funds head Claire Petheram is leading the firm's team, which also includes capital markets partner Mark Brown.
Petheram was part of the Linklaters team that advised Rolls Royce on its longevity swap with Deutsche Bank, to reduce the risk on approximately £3 billion of pension fund liabilities in 2011.
Eversheds is advising Legal & General, with which it has a longstanding client relationship.
Corporate insurance partner Hugo Laing and human resources partner Mark Latimour are advising. Latimour, who specialises in pensions, joined the firm from Linklaters in 2014.
Last year, Laing advised Legal & General on its £2.4 billion buyout of the Nortel Networks UK Pension Plan, which covers 15,500 pensioner members and about 7,200 deferred members.
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