The London pensions team at leading global law firm Baker McKenzie has advised Coats Group plc on its strategic project to fully secure all remaining pension liabilities of the Coats UK Pension Scheme with a GBP 1.3bn buy-in with specialist insurer Pension Insurance Corporation, covering over 18,000 members. [Further details.]
Baker McKenzie London Pensions Partners Arron Slocombe and Tom McNaughton led on all legal aspects of this project for the sponsor group, with London Banking Partner Sarah Smith and Senior Pensions lawyer Paul Williams, with support of the wider team.
London Head of Pensions at Baker McKenzie, Arron Slocombe, said:
“This major buy-in transaction in September 2024 for Coats Group Plc adds to the Baker McKenzie pensions team’s exceptional record in the pensions industry in innovative deals to help businesses and trustees work together to secure the pensions of tens of thousands of pension scheme members.”
London Pensions Partner Tom McNaughton added:
“We were delighted to help Coats Group Plc achieve its goal to protect pension members and further its corporate objectives. This is an excellent example of a truly collaborative project between all parties and their adviser teams.”
This matter is the latest in a number of strategic projects on which Baker McKenzie has advised Coats Group plc, having previously advised on the acquisitions of Texon and Rhenoflex.
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