Hammonds LLP has advised Capita Pension Trustees Limited on an 'all risks' buy-in transaction. This was a major project covering three pension schemes and involving a total premium of over £130 million. As an all risks buy-in, it provided the company with an immediate and complete discharge from the schemes. The insurance policies were purchased from Pension Insurance Corporation Limited.
The Hammonds team was led by London pensions partner, Fraser Sparks, who commented: "This was an extremely complex deal whereby the insurance company not only issued an all risks buy-in policy, but also took over as the sponsoring employer of the pension schemes. This allowed the previous sponsor to remove the pension liabilities from its balance sheet completely in the space of only a few months, whereas winding up a pension scheme would usually take several years. Once again, we have demonstrated that our pensions team is at the very cutting edge of developments in the market."
Rosemary Kennell of Capita Pension Trustees Limited, an experienced professional trustee provider who has worked with Hammonds in previous complex cases, commented on the choice of Hammonds to provide advice. "I am very impressed with Hammonds. They provided us with clear, pragmatic and commercial advice on every step of this process and the team were totally committed to getting the transaction completed within the very tight deadline we had been set."
Notes to editors:
Hammonds has 14 UK pensions partners and over 40 other pensions specialists, which makes it the largest pure Pensions legal team in the UK. The team's clients represent more than 5% of the FTSE-100 companies, and they also work with charities, unions and other official bodies.
In 2008 Hammonds represented the trustees of one of the Sea Containers pension fund schemes in persuading the Pensions Regulator to issue its first ever financial support directive. This transaction was viewed as 'defining the pensions world.'
For further information contact:
Nicola Woodmass, Head of Communications, Hammonds LLP, on 0121 222 3690 or email: firstname.lastname@example.org