Linklaters have advised the pension trustee of the TUI GROUP UK Pension Trust, which provides pension benefits for past and present UK employees of the multinational travel and tourism company, TUI Group, on two pension risk transfer transactions to the value of c £800m. The Trust has three sections and the buy-in transactions cover two of those sections.
The two transactions include a £610m partial pensioner buy-in for the BAL section and a £184m full buy-in for the TAPS section of the Trust. These transactions mark the Trustee’s first pension risk transfer transactions with Legal & General.
The Linklaters team was led by Carol Jones, a consultant in the pensions practice and included managing associates Sarah Opie and Elizabeth Forbes.
The transaction further develops the reputation of Linklaters pensions practice for working on some of the largest and most complex buy-in transactions in the industry including in this case a deal that involved the insurance of multiple different benefit structures. Other similar transactions carried out by the practice group include advising the Rolls-Royce pension fund on the record breaking £4.5bn buyout with Legal & General as well as advising the Trustee of the British American Tobacco pension fund on a £3.4bn buy-in.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
The advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
