The deal marks a significant step forward for MGM Assurance Staff Pension Plan members. Under the terms of the deal, the bulk purchase annuity transaction will cover benefits for around 700 members of the MGM Assurance Staff Pension Plan.

The Hogan Lovells team was led by London-based Pensions partner Duncan Buchanan with support from associate Amol Chalisgaonkar.

Commenting, Duncan Buchanan said: “This is a terrific deal for the members of the scheme and we were proud to have supported the Trustees on their journey.”