Clifford Chance

Clifford Chance advises Legal & General in the largest bulk annuity transaction ever in the UK market

Leading international law firm Clifford Chance has advised Legal & General Assurance Society Limited (“Legal & General”) in a ground-breaking £4.4bn pensioner bulk annuity buy-in with British Airways’ Airways Pension Scheme (“APS”) which will cover circa 60% of all pensioner liabilities. This is the largest pensioner buy-in completed in the UK market to date and is a significant step in reducing risk in the Scheme.

Commenting on the deal Clifford Chance corporate partner Katherine Coates, who co-led the team alongside pensions partner Sarah McAleer, said: “We were delighted to support Legal & General on this complex deal which demonstrates that the company continues to deliver innovative solutions to its pension scheme trustee clients.” The Clifford Chance team also comprised partner Will Winterton and senior associate Tessa Crook in finance, associate Portia Wainman in pensions and associate Alex Bagley in corporate.