Slaughter and May has advised United Utilities PLC (“United Utilities”) on the partial buy-ins entered into with Legal & General Assurance Society Limited (“Legal & General”) by the trustees of two pension schemes sponsored by United Utilities: the United Utilities Pension Scheme and the United Utilities PLC Group of the Electricity Supply Pension Scheme (the “Schemes”).
The transactions provide secure income to the Schemes from Legal & General that covers around two thirds of the liabilities of the Schemes, totalling c. £1.8 billion across the two Schemes.
United Utilities is a FTSE-100 listed water supply company. The Slaughter and May team worked closely throughout the transactions with United Utilities’ advisers at Lane, Clark & Peacock LLP as well as the trustees’ advisers.
Veronica Bonifacio / Trainee