DB investment

Increased life expectancy, volatile markets and unpredictable deficits are pushing employers and trustees of DB pension arrangements towards increasingly sophisticated investment solutions.

Our specialist finance and investment lawyers have provided straightforward, pragmatic advice on all the key derisking solutions for many years. We advise on liability or cashflow driven investment (LDI/CDI) strategies, as well as tools to help reduce longevity risk such as buy-ins and buy-outs and synthetic buy-ins, longevity swaps, and the full range of alternative investment structures.

Our experts work with trustees to highlight and advise on the latest issues on their agendas, including proposed changes to Investment Regulations and ESG.

Recent experience

  • Advising the Trustee of the Cancer Research Pension Scheme on their £250m buy-in with Canada Life
  • Advising the Trustee of the Blackwells Pension Fund on an innovative all-risks buy-in with PIC to secure £180m of member benefits and cover-off a number of additional risks for the Trustee
  • Advising the Trustees of the Northern Bank Pension Scheme on a £680m buy-in, putting in place a collateralised security structure
  • Advising the Trustee of the National Grid UK Pension Scheme on establishing a long term strategic partnership between the trustees and Legal & General Investment Management (LGIM), which involved the sale of the scheme’s in-house investment manager Aerion Fund Management and the ongoing management of £13bn of scheme assets
  • Advising the Trustee of the CDC pension scheme on the new insurance capital rules affecting their longevity swap, which had to be split for different insured populations, and further into the individual contract components reflecting the longevity insurance and the embedded total return swap and collateral obligations.