Sackers advises Electricity North West Group of the ESPS on £805 million pensioner buy-in
Sackers has advised the Trustee of the Electricity North West Group of the ESPS on its £805 million pensioner buy-in with Scottish Widows.
Partner, Ian Cormican, who led the Sackers team, commented: “We are delighted to have assisted the Trustee with this transaction, which represents a significant step in the Group’s long-term derisking strategy, and provides additional security and stability to members.”
Malcolm Sugden, Chairman of Trustee for the Scheme, said: “The Group’s funding level has improved significantly in recent years and this transaction allows us to lock in some of that positive performance providing security to our members and other stakeholders. Aon’s effective and expert advice enabled us to achieve attractive terms in a period of heightened market volatility. Our other advisers (Sackers and KPMG investment team) should also be thanked for the advice and work in successfully delivering the buy-in.”
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