In February 2019, the Trustees of the Howden Group Pension Plan completed a £230 million buy-in with Legal & General (L&G), locking down risk for the Plan by removing exposure to uncertain future market pricing and providing the members with greater security.
The Plan has a complex benefit structure and through a collaborative relationship with L&G the Trustees were able to deliver the best solution for the members of the Plan.
Key highlights
- Providing advice to longstanding clients.
- Specialist and highly technical pensions advice to eliminate risk and fully securing members’ benefits.
- Complex and robust contract negotiations with magic circle firm.
Outcome
We provided legal advice to the Trustees, our longstanding clients, throughout this process and led the contractual negotiations with L&G and its legal adviser. Our work included reviewing and negotiating the terms of the contract with L&G, reaching agreement with Colfax (the holding Company of Howden) on warranties and indemnities given by Howden to minimise the Trustees’ exposure in terms of the contract, and drafting and advising on the technical aspects of the project.
