The transaction was a pensions buy-in, involving the acquisition of an insurance policy by the Boots Pension Scheme trustee, with the financial assistance of Walgreen Boots Alliance. The policy covers the provision of pension benefits to all the many Scheme members. Baker McKenzie advised the Scheme’s sponsoring employers. As well as being the largest single deal of its kind, the deal was also legally complex and demanding.
Baker McKenzie’s team was led by Pensions Partner Jeanette Holland, with of Counsel Tom McNaughton and Senior Associate Mark Solomon in London, and Paul Williams Director Designate, in Johannesburg.
Jeanette Holland, Pensions Partner at Baker McKenzie said:
“The Baker McKenzie London Pensions team is delighted to have advised and assisted Walgreen Boots Alliance in the ground-breaking and market-leading £4.8bn buy-in transaction of the Boots Pension Scheme. This means all 53,000 of the Scheme’s members’ benefits will be insured with Legal & General. This insurance transaction is the largest of its kind to occur and we would like to thank all involved for their dedication in achieving such a positive outcome for the members, the sponsor and the trustee. It has been a pleasure for me and the others in our team to support our long standing client, Walgreen Boots Alliance, on the complex and demanding legal aspects of this transaction.”
