Global law firm Clifford Chance has advised long-standing client Legal & General Assurance Society Limited (“L&G”) on buy-ins totalling £785 million with three pension schemes sponsored by Anglo American Services (UK) Ltd: The Tarmac UK Pension Scheme, the Tarmac ‘B’ Pension Scheme and the Anglo UK Pension Scheme (the “Schemes”). The transaction secures the benefits of over 5,100 retirees and 2,500 deferred members.

Sarah McAleer, Pensions Partner at Clifford Chance, led on the deal, supported by Pensions Senior Associate Portia Wainman. Clifford Chance worked closely with Liz Wood from L&G’s in-house legal team and Origination and Execution Directors Rachel Cutts and Sabeen Iftikhar.

Clifford Chance has advised L&G on pensions risk transfer transactions over a number of years, including on its c.£340m buy-in with the Cable and Wireless Superannuation Fund and £1.8 billion buy-in with two schemes sponsored by United Utilities in 2023 and a number of buy-ins in 2024.