Travers Smith LLP has advised the Trustee of the British Steel Pension Scheme on a further £2bn buy-in. The scheme has now insured around 60% of its liabilities.
The Pensions Sector Group advised the Trustee on a third buy-in deal with Legal & General (L&G) insuring a further 30% of scheme's liabilities.
The team worked alongside L&G on two previous transactions in November 2021 and May 2022 which insured a combined value of around 30% of liabilities, totalling about £2.8bn.
Pensions and Risk Management Partner Dan Naylor led a team of 15 lawyers drawn from different teams across the firm.