Slaughter and May is acting for Legal and General Assurance Society Limited, a subsidiary of Legal & General Group plc, on the successful transfer of its mature savings business to ReAssure Limited under Part VII of the Financial Services and Markets Act 2000. The business comprises approximately 900,000 policies and assets valued at approximately £30 billion. The sanction hearing for the Part VII scheme was adjourned in March 2020 while the parties assessed the impact of the COVID-19 pandemic. The final hearing took place remotely over Skype on 13 and 14 August 2020 and the scheme was sanctioned by Zacaroli J on 20 August 2020.
Slaughter and May is working closely with a team from the in-house function at Legal & General, led by Geoffrey Timms, Candice Hall and Alex Bagley.