Eversheds Sutherland (International) LLP

07/23/2021 | Press release | Distributed by Public on 07/23/2021 04:23

Enhancing trusted relationships through delivering high-value, complex deals

  • Global
  • United Kingdom

23-07-2021

Trustee of Kingfisher Pension Scheme looks to Eversheds Sutherland on £900m buy-in with Aviva

Eversheds Sutherland has advised the Trustee of the Kingfisher Pension Scheme on the completion of a £900m bulk purchase annuity transaction in July, with Aviva.

Kingfisher plc is a British multinational retailing company headquartered in London and manages brands including B&Q and Screwfix.

Aviva will insure the defined benefit pension liabilities for over 8000 members, taking responsibility for the investment and longevity risk associated with these members from the Scheme. Members will see no change in the amount of their benefits or the way in which they are paid as a result of the transaction.

Eversheds Sutherland were appointed as specialist transaction lawyers to the Trustee and provided advice on all contracting aspects. The team was led by Pensions Partner Simon Daniel, with support from Principal Associate Amanda Small and Francois Barker, Head of Pensions and Client Partner to the Trustee.

Simon Daniel, Eversheds Sutherland, said:

'The Trustee had clear objectives for this transaction and was very well prepared. We're delighted to have been part of the team that successfully delivered it for the Scheme. Aviva is a new partner for the Trustee and it was great to work with its advisers to put in place contractual arrangements that meet all parties' requirements and, most importantly, provide further benefit security for members.'

Clive Gilchrist of BESTrustees, Chair of Trustees the Kingfisher Pension Scheme, Kingfisher Pension Scheme, said:

'Eversheds Sutherland has advised the Trustee on all three of its buy-in transactions for the Scheme. The team understand our wider strategy and our objectives for de-risking steps such as this. Their high level of service excellence was equal to their technical expertise and experience of advising on high-value, complex matters. We are delighted with the result that has been delivered for the Scheme.'

This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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