Slaughter and May advises Tata Steel on derisking of the British Steel Pension Scheme
Slaughter and May has advised Tata Steel UK Limited (“Tata Steel”) on the fourth and final buy-in transaction policy entered into by the British Steel Pension Scheme (the “Scheme”) with Legal & General Assurance Society Limited (“Legal & General”).
This transaction insures the remaining 40% of the liabilities of the Scheme, totalling £2.7 billion. Legal & General has now insured £7.5 billion of the Scheme’s liabilities, securing the benefits of all c.67,000 retired and deferred members through a series of phased buy-ins entered into since November 2021. Slaughter and May also advised Tata Steel on these previous buy-ins.
The Scheme has now insured all its liabilities with Legal & General and becomes the largest scheme in the UK to have secured full insurance.
Tata Steel, the sponsoring company of the Scheme, is part of the Tata Steel group and is the UK’s biggest steel manufacturer with sites across the country.
Further details can be seen here: