Sackers advises on £240m buy-in for KLM UK Pension Scheme

The KLM UK Pension Scheme sponsored by KLM Royal Dutch Airlines, has completed a buy-in with Rothesay for £240m. The transaction, which completed in December 2025, protects the pensions of the remaining 1,852 members whose policies were yet to be insured, including 924 pensioners and their dependants and a further 928 deferred members.

The deal was co-led by EY, who acted for the company, and Capita Pension Solutions who represented and advised the Trustees. The Trustees and Rothesay received legal advice from Sackers and Debevoise & Plimpton, respectively.

Albert Smidt, Chair of the Trustee Transaction Committee, commented: “The Trustees of the KLM UK Pension Scheme are very pleased to have reached this important milestone in our journey towards de-risking the Scheme and securing members’ benefits. The Sponsor KLM has always been supportive of the Scheme, even in times when it was in a less favourable condition. We prepared this buy-in on a short timescale, in close cooperation with the Company and the support of our Scheme advisors Capita Pension Solutions and Sackers and EY as company advisor. As chair of the project team, I am particularly proud of the outcome and the smooth process we have been able to organise together. A big compliment to all involved.”

Adeline Chapman, partner, said: “We’re delighted to have supported the Trustees on this important step in securing members’ benefits. Working closely with the Trustees, Rothesay, and the wider advisory team, we focused on a balanced, pragmatic approach that delivered certainty at pace while maintaining robust governance throughout. The result is a de-risking step that provides long-term security for members and reflects the Scheme’s careful planning. In short, getting this buy-in done in a tight timeframe was all about good preparation and excellent teamwork.”

The Sackers team comprised partners Adeline Chapman and Stuart O’Brien and associate Susannah Hill.