This deal marks the final and most significant step towards Hays insuring its UK defined benefit pension obligations and, subject to customary post-transaction data reconciliations and adjustments, will provide the Group and the Trustee the option to proceed to a full buy-out and winding-up of the Scheme at which point it will be removed from the Group’s balance sheet. Following this buy-in, all the financial and demographic risks relating to the Scheme’s liabilities are now fully insured, with the policy paying a regular stream of income that matches its pension payments to remaining members.

The Hogan Lovells team was led by London-based pensions partner Katie Banks with support from counsel Beth Sheehan and associate Sam Lamsdale. Partner Ed Steward advised on insurance aspects.

Katie Banks commented: “Securing a buy-in has been the principal strategic objective for the Trustee, so we are delighted to have helped them complete this critical transaction which will eliminate pension related balance sheet volatility and have a positive impact on Group free cash flow from FY26.”