Pinsent Masons advises Legal & General on the UK's largest pension buyout to date

28 Nov 2014 | 12:34 pm |

International law firm Pinsent Masons has advised Legal & General’s retirement business on a £2.5 billion partial buyout with the TRW Pension Scheme. The deal will see these liabilities removed from TRW Automotive’s balance sheet, insuring over 22,000 of the Scheme’s pensioners. This is the largest pension buyout in the UK to date and follows Legal & General’s £3.0 billion bulk annuity buy-in arrangement with the ICI Pension Fund.

Pinsent Masons pensions partner Matthew de Ferrars said: "This buy-out is part of a continuing trend of pension schemes and their employers going to the insurance market to secure scheme liabilities on an “all risks” basis. Pinsent Masons has worked on a number of high profile buy-ins, buyouts and longevity swaps including Babcock, MF Global, Cadbury’s, Denso, NSPCC and Uniac.”

Commenting on the deal Legal & General’s Nicole Kennedy said: “Matthew de Ferrars and his team were approached at very short notice but immediately got to grips with the task and provided clear, timely and pragmatic advice. From our perspective, the exercise was managed effectively, particularly given the scale of the project.” 

Pinsent Masons were able to deliver this transaction to the exceptionally short timetable by deploying a team of 17 specialist pension lawyers from its London, Leeds, Birmingham, Manchester and Glasgow offices. This cross-office team was led by pensions partner Matthew de Ferrars with support from senior associates Rob Lawrence and Rob Tellwright.

Latest press releases

Show me all press releases

Pinsent Masons advises Carlton Power on development of £200m green hydrogen project portfolio

Multinational law firm Pinsent Masons has advised Carlton Power on the establishment of a joint venture with Schroders Greencoat for the development of a portfolio of green hydrogen projects in the UK.

Pinsent Masons Vario launches in Ireland

Pinsent Masons Vario is launching its flexible services in Ireland, further expanding the reach of the market-leading service which provides flexible legal resource to busy in-house legal teams.

Pinsent Masons advises Erisbeg on proposed acquisition of PageOne Communications

Multinational law firm Pinsent Masons has advised Dublin-headquartered private equity firm Erisbeg on the agreement to acquire the entire issued share capital of PageOne Communications from the Capita Group.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises Regenerate in the launch of its European regenerative agriculture fund

Multinational law firm Pinsent Masons has advised Regenerate Asset Management in the launch of the Regenerate European Sustainable Agriculture Fund.

Pinsent Masons hires financial services litigation expert Lisa Carty in Dublin

Multinational law firm Pinsent Masons has hired litigation lawyer Lisa Carty as a partner to lead its Litigation Regulatory and Tax offering in Dublin, expanding its dispute resolutions capabilities with a financial services specialism.

Pinsent Masons promotes 25 to its partnership

Multinational law firm Pinsent Masons has promoted 25 to its partnership, boosting its sector-focused professional services capabilities.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts

We are processing your request. \n Thank you for your patience. An error occurred. This could be due to inactivity on the page - please try again.