Travers Smith LLP has advised British American Tobacco on a further buy-in between the British American Tobacco UK Pension Fund ("Fund") and Pension Insurance Corporation ("PIC"). This brings the total value of transactions between the Fund and PIC to approximately £4.1bn.
In May 2019, the Fund insured liabilities of £3.4bn, which, at that time, was the largest ever transaction including both pensioner and deferred members. A second transaction in May 2021 insured another c.£400m of liabilities. This third transaction insured a further c.£250m of liabilities, securing the benefits of a further group of members and providing additional long-term certainty and security.
The Travers Smith team included Pensions and Pensions De-risking Partner Dan Naylor and Senior Counsel Chris Widdison.
