Brodies’ pensions team advised the Trustees of the Howden Group Pension Plan on a £230 million full scheme buy-in with Legal & General Assurance Society Ltd, covering almost 2,000 members.

This was the second phase of the Trustees’ strategic approach to improve funding of the Plan and to reduce exposure to uncertain asset returns, thereby providing members of the Plan with greater financial security. Through a close collaborative relationship with Legal & General, the Trustees were able to deliver the optimal outcome for the members of the Plan.

Led by Juliet Bayne, with support from Maureen Burns, Jordan Halliday and Jennifer Crawford, the team at Brodies navigated the Plan’s complex benefit structure and provided legal advice to the Trustees throughout this process; while at the same time liaising closely with Legal & General and its legal advisers on contractual matters.