Sackers advises Royal Mail trustees on £450m buy-in with Rothesay Life
Sackers today announced its role in advising the Trustee of the Royal Mail pension plan in relation to the Post Office Limited section’s £450m bulk annuity transaction with Rothesay Life.
Ralph McClelland, partner at Sackers, commented:
“The past four years have seen an unprecedented increase in buy-in and buy-out activity in the market, something our own experience supports. In the past 18 months alone, we have advised trustees and employers on transactions with every major insurer quoting for business during that period – with a combined deal volume of around £2.4bn in 2017.
This particular deal related to the benefits of 5,700 deferred members accrued since 2012. We carried out a detailed and thorough review of the legal documentation on what was a complex and innovative transaction to ensure a swift and successful completion.”
The Trustee was also advised by Lane Clark & Peacock (LCP) and ARC solicitors.