Slaughter and May advised PA Pension Trustees on the derisking of the PA Pension Scheme

Slaughter and May advised PA Pension Trustees on the derisking of the PA Pension Scheme by way of a circa £850 million transaction with Pension Insurance Corporation PLC (PIC). The transaction involved the Trustees of the PA Pension Scheme (the Trustees) entering into a bulk annuity policy with PIC that will transfer to PIC responsibility for payment of retirement benefits owed to UK and Irish beneficiaries of the PA Pension Scheme. The transaction is a buy-in, with an option to proceed to full buy-out. The transaction results in the transfer of the PA Pension Scheme’s defined benefit obligations, and certain money purchase benefit obligations, to PIC.

Lane Clark & Peacock LLP also acted for the Trustees.