Clifford Chance advises Rothesay on real estate and funds aspects of £4 billion buy-in with the Cooperative Pension Scheme

London: Global law firm Clifford Chance advised leading UK pensions insurance specialist Rothesay on the real estate and funds aspects of its pension scheme buy-in with the Co-op Section of the Co-operative Pension Scheme. The transaction is the final trade to secure member benefits as part of a long-term plan to de-risk the Scheme. The buy-in secures the benefits for almost 50,000 scheme members which includes defined benefit liabilities for 17,655 pensioners and dependants and a further 31,896 deferred members.

The Clifford Chance team worked with Rothesay’s Illiquid Asset Transition Team on all aspects of the transfer of a large mixed-use portfolio of properties including pubs, hotels, student accommodation and residential properties. The Clifford Chance team also assisted Rothesay on the transfer of various funds.

The team was led by Alis Pay Global Real Estate Sector Co-Head, in London, with support from Senior Associates Ben Redding, Matt Thomson, Angela Shepherd, Melissa Jones, James Law, and Associate Lucy Johnson. Property Litigation advice was provided by Director of Property Litigation Ben Hatton and Associate Jordan Gulwell. Tax support was provided by Partner David Saleh and VAT Director Simon Corzberg. Other team members included, Tech/Digital Senior Associate Claudia Hall, Private Equity Senior Associate Victoria Ho, Funds Senior Associate Patrick Meniru and Construction Associate Amber Miller.