Linklaters has advised the Trustee of the Aviva Staff Pension Scheme on a further buy-in contract with Aviva Life valued at £875m.
This transaction is the second under an umbrella buy-in policy agreed between the Trustee and Aviva Life in October last year. It brings the total liabilities secured to date under that policy to just over £2.5bn.
The Linklaters team was led by pensions partner Rosalind Knowles and included managing associates Alasdair Smith and Paul Lawrence.
The firm’s pensions practice has built a reputation for advising on a number of significant buy-ins including the Trustee of the British American Tobacco UK Pension Fund on their £3.4bn buy-in and the record breaking Rolls-Royce pension fund £4.5bn buyout transaction with Legal & General which secured benefits for 33,000 members as well as completing the Rothesay Life plc buy-in with the Allied Domecq Pension Fund for £3.8bn and two transactions in which the Trustee of the Co-Operative Pension Scheme (Pace) secured well over £1bn of liabilities with Aviva Life.
