Sackers advises GEC 1972 Plan on its £4.7bn buy-out with Rothesay Life
The Trustee of the GEC 1972 Plan and sponsor telent have announced a £4.7bn buy-out with Rothesay Life to secure the benefits of 39,000 members. Sackers has advised the trustees of the Plan for over 40 years and provided full support to the Trustee to enable them to complete the buy-out.
Partner Ian Cormican, who led the Sackers team, commented: “Sackers is proud of its long association with the Trustee, having established the Plan in the 1970s and worked alongside the Trustee and the Pensions Regulator to provide security for the Plan through periods of major corporate change at the sponsor. We are delighted to have assisted the Trustee in its transaction with Rothesay Life which completes the lifecycle of the Plan and ensures members benefits are fully insured.”
Brian Duffin, Chair of the Trustee Board, said: “Sackers provided excellent support to the trustees during the process, as they have done over many years. Their in-depth knowledge of the Plan, as well as their clear and responsive advice, enabled the trustees to transact with confidence.”
Pete Harris, Head of Pensions at telent, said: “This transaction is great news for all the members of the scheme. It was made possible by all our advisers, including Sackers, working constructively together to achieve this outcome within a very tight timeframe.”