Travers Smith LLP has advised the Trustee of the Smith & Nephew UK Pension Fund (the "Fund") on a £260m buy-in with Rothesay.
This transaction secures the benefits of 1,885 pensioners and dependants, and 2,315 deferred members, and is the final transaction securing the Fund’s objective of insuring all of its members’ benefits.
The Fund is sponsored by Smith & Nephew UK Limited, a portfolio medical technology company.
Travers Smith provided legal advice to the Trustee, LCP acted for the Trustee as the lead broker on the transaction. Eversheds Sutherland and DLA Piper provided legal advice to Rothesay.
The transaction team was led by Pensions Consultant Sarah Boon with Senior Associate Alexander Economides. Pensions partners Andy Lewis and Niamh Hamlyn advise the Trustee.
Sarah Boon commented:"We are delighted to have advised the Trustee on the final key step of the journey towards securing full Scheme benefits. With the Trustee holding two previous buy-ins with Rothesay, this final transaction was a great example of a strategic partnership in action, which should provide positive member outcomes in the years to come."
