Travers Smith LLP has advised British American Tobacco on a buy-in of the British American Tobacco UK Pension Fund insuring £3.4 billion of liabilities.
The Fund has total liabilities of £4 billion, including a residual section open to ongoing accrual. The transaction is the third largest in the UK to date and is the largest ever transaction including both pensioner and deferred members. The agreement secures the benefits of 10,600 members (8,300 pensioners and 2,300 non-pensioners), providing long-term certainty and security. The Travers Smith team included Pensions and Risk Management Team Partners Dan Naylor and Jonathan Gilmour who were supported by Senior Associates Chris Widdison and Joseph Wren.