Linklaters have advised Rothesay on a £230m buy-in with Aberdeen City Council Transport Fund, part of the North East Scotland Pension Fund, to secure pensioner liabilities.  There has been only one other buy-in to date involving the Local Government Pension Scheme, so the transaction raised novel questions as a result of the unique structure of that scheme.

The Linklaters team was led by pensions partner Phil Goss and included managing associates Alasdair Smith and Simon Borhan and associate Joe Chambers.

This is another significant buy-in transaction for the firm’s pensions practice which has built a reputation for record breaking de-risking deals and follows on from other recent transactions in which Linklaters has advised Rothesay, including the £3.8bn buy-in of the Allied Domecq Pension Fund in September 2019.