Hogan Lovells advises Trustee of Gallaher DB Pension Scheme on its £1.7bn buy-in with Standard Life
London, 21 January 2022 – Global law firm Hogan Lovells has advised the Trustee of the Gallaher DB Pension Scheme on the legal aspects of its £1.7 billion pension insurance buy-in with Standard Life.
Completed in December 2021, it is one of the largest bulk annuity transactions of this type announced in 2021 in the UK. The deal marks a significant step forward for Gallaher DB Pension Scheme members. Under the terms of the deal, Standard Life has agreed to insure the liabilities of approximately 7,600 pensioner and deferred members of the Gallaher DB Pension Scheme. As part of the transaction, members have been granted the right to additional pension increases in the event of high inflation.
The Hogan Lovells team was led by London-based Corporate and Finance partners Claire Southern and Jonathan Russell. They were supported by Global Regulatory partner Nicola Fulford, senior associates Charlotte Yeates and Francesca Parker, counsel Judith Crate and senior consultant Susan Whitehead, among others.
Commenting, Claire Southern said: “This is a terrific deal for the members of the scheme and we were proud to have supported the Trustee on its journey.”