Hogan Lovells advises Trustees of the MGM Assurance Staff Pension Plan on £80 million buy-in with Standard Life

Press releases | 06 July 2023

London, 6 July 2023 - Global law firm Hogan Lovells has advised the Trustees of the MGM Assurance Staff Pension Plan on the legal aspects of its £80 million buy-in contract with Standard Life, part of Phoenix Group. The transaction was completed in March 2023.

The deal marks a significant step forward for MGM Assurance Staff Pension Plan members. Under the terms of the deal, the bulk purchase annuity transaction will cover benefits for around 700 members of the MGM Assurance Staff Pension Plan.

The Hogan Lovells team was led by London-based Pensions partner Duncan Buchanan with support from associate Amol Chalisgaonkar.

Commenting, Duncan Buchanan said: “This is a terrific deal for the members of the scheme and we were proud to have supported the Trustees on their journey.”