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

Dispute Resolution Group appoints partners in Munich

Multinational law firm Pinsent Masons has appointed partners Johanna Weißbach and Christian Schmidt as litigation partners in their Dispute Resolution Group in Munich, where they will both focus on clients within the Financial Services and Advanced Manufacturing & Technology sectors.

Pinsent Masons announces 2020 partner promotions

Multinational law firm Pinsent Masons has announced 17 new partners in its 2020 promotion round as it promotes outside of traditional legal services for the first time.

Pinsent Masons Hong Kong recognised in Law Firm of the Year survey

International law firm Pinsent Masons was listed in the top tier for 3 categories in a recent survey conducted by Asian-mena Counsel’s In-House Community to identify Firms of the Year 2019 for the second consecutive year.

People who viewed this press release also viewed

Show me all press releases

Dispute Resolution Group appoints partners in Munich

Multinational law firm Pinsent Masons has appointed partners Johanna Weißbach and Christian Schmidt as litigation partners in their Dispute Resolution Group in Munich, where they will both focus on clients within the Financial Services and Advanced Manufacturing & Technology sectors.

Pinsent Masons announces 2020 partner promotions

Multinational law firm Pinsent Masons has announced 17 new partners in its 2020 promotion round as it promotes outside of traditional legal services for the first time.

Pinsent Masons Hong Kong recognised in Law Firm of the Year survey

International law firm Pinsent Masons was listed in the top tier for 3 categories in a recent survey conducted by Asian-mena Counsel’s In-House Community to identify Firms of the Year 2019 for the second consecutive year.

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