Pinsent Masons advises Scottish Widows on £320m buy-in of the De La Rue pension scheme

This is the Scheme’s first pensioner buy-in with Scottish Widows and covers the liabilities for approximately 1,400 pensioners.

The buy-in represents a significant step in the Scheme’s de-risking journey, helping the Trustee improve the security of members’ benefits and to reduce the risk to the Scheme’s sponsoring company, De La Rue plc.

Partner Matthew de Ferrars led the Pinsent Masons team which included Josh Potter and Stewart Murphy.

Commenting on the transaction, Matthew said: “Having entered exclusivity, insurers and trustees need confidence that the buy-in will complete within their preferred timeframe – and this buy-in was no exception. We help provide that confidence, and this buy-in adds to our track record of delivering successful transactions.”

Lara Desay, Head of Origination and Operations at Scottish Widows commented: “We are extremely happy to have been chosen by the Trustee to complete the Scheme’s first buy-in transaction, marking a material step in their derisking journey and providing increased security to their members. Working in partnership with the Trustee and our respective advisers and to a clearly defined timetable, we were able to complete this transaction around 4 weeks after being awarded exclusivity. We look forward to becoming a long-term partner of the Scheme.”