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 commits to London Data Charter to tackle London’s biggest challenges

Multinational law firm Pinsent Masons has created, and committed to, the London Data Charter - a statement of intent that organisations, both public and private, can adopt to put data at the heart of solving London’s biggest challenges.

Pinsent Masons bolsters Climate Change Mitigation and Sustainability team

Multinational law firm Pinsent Masons has named Michael Watson as its new Head of Climate Change Mitigation and Sustainability team, and appointed former OFGEM General Counsel, Euan McVicar, as Senior Climate Adviser.

Pinsent Masons appoints leading Life Sciences IP partner in London

Multinational law firm Pinsent Masons has recruited Life Sciences partner Gina Bicknell, adding additional skills and strength to its Technology, Science and Industry (TSI) sector capabilities.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons bolsters Climate Change Mitigation and Sustainability team

Multinational law firm Pinsent Masons has named Michael Watson as its new Head of Climate Change Mitigation and Sustainability team, and appointed former OFGEM General Counsel, Euan McVicar, as Senior Climate Adviser.

Pinsent Masons wins Construction Law Firm of the Year at the Asian Legal Business Hong Kong Law Awards

Multinational law firm Pinsent Masons has been named Construction Law Firm of the Year at the Asian Legal Business Hong Kong Law Awards. This is the eleventh time in twelve years that the firm has been awarded the Construction Law Firm of the Year accolade.

Pinsent Masons appoints tax expert in Germany

Multinational law firm Pinsent Masons has appointed Marcus Hierl as tax partner in its Frankfurt office, responding to a growing client demand across Germany for complex tax advice.

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