Travers Smith pensions de-risking team has acted for the Trustee of the C&J Clark Pension Fund (Clarks Scheme) on a £540m buy-in with specialist insurer Pension Insurance Corporation (PIC). This follows an earlier £280m transaction on which the team also advised, meaning that the Clarks Scheme is now fully bought in with PIC. This is a momentous milestone in the journey of the Clarks Scheme and represents a highly valuable outcome for members.
Libby Edwards, Trustee Chair of the Clarks Scheme, said: “We’re delighted to have completed this transaction, achieving long-term security for members’ benefits."
The team was led by partner Chris Widdison and included partner Peter Hughes, senior counsel Carmel Williams and Cindy Smith, associates Gaurav Srivastava, Robyn Connolly and Jamie Errington, trainee Niall Lamont, working alongside longstanding client relationship partner Daniel Gerring.
Travers Smith has a market-leading pensions derisking practice advising trustees, employers and insurers on all areas of the law relevant to the operation of and assessment of risks in relation to pension schemes.
