Sackers advises on £1.4bn transaction for Rexam Pension Plan

The Trustees of the Rexam Pension Plan, sponsored by Ball Corporation, have completed a £1.4bn full buy-in with Rothesay, securing the benefits of almost 15,000 members of the Scheme including 9,790 pensioners and a further 4,330 deferred members.

The buy-in is a single premium insurance policy covering residual risks and no contribution was required from the sponsoring employer.

Chris Martin, chair of trustees, said: “This is a significant milestone in the Plan’s derisking journey and we are delighted to have been able to achieve this outcome for members. I would particularly like to thank my colleagues on the Trustee Board and within Ball Corporation, including the fantastic in-house Pensions Department, as well as the Plan’s excellent advisory teams for their collaborative and diligent approach which enabled the delivery of such a great result.”

Sackers’ partner Claire van Rees said: “It’s a complex scheme, but with clear leadership, good preparation, hard work and creativity we collectively secured a great outcome for members. As long-standing legal advisers, we were able to combine our in-depth knowledge of the scheme with our wider risk transfer expertise to find practical solutions to complex problems in a time pressured situation.”

The Sackers team comprised partners Claire van Rees, Stuart O’Brien, Faith Dickson, Michaela Berry and Paul Phillips, senior counsel Hugh Gittins and Helen Rowan, senior associates Shannon Diggory, Andrew Harper and Lucy Bennett, associate Aaron Zack and legal project manager Nadia Krasteva.