Travers Smith LLP has advised on the £880 million buy-in of the Rolls-Royce & Bentley Pension Fund.
The full scheme transaction with Standard Life (part of the Phoenix Group) secures the benefits of the approximately 6,000 members of the Fund.
The transaction also included arrangements in relation to the Fund's existing longevity swap with Standard Life, originally entered into in 2013.
Travers Smith provided advice to the Scheme sponsor with a team led by Partners Dan Naylor and Peter Hughes and including senior associates Tom Green, Sheamal Samarasekera and Sana Dossa, and trainee Raya Nili.
Travers Smith has a market-leading pensions de-risking practice, advising trustees, sponsors and insurers in relation to complex, high-value transactions. Other recent transactions include advising Rothesay on the £2.7 billion buy-in of the Thales UK Pension Scheme and the trustee of the Nortel Networks UK Pension Plan on the final phase of its £2.5 billion insurance transaction with Legal & General.
