3 Firms Guide £2B Insurance Deal For Troubled Steel Scheme

Law360, London (October 22, 2020, 2:52 PM BST) -- The trustee of a pension scheme for steelworkers said Thursday it has completed a £2 billion ($2.6 billion) deal to insure the liabilities of 30,000 retirement savers, a transaction advised by Herbert Smith Freehills LLP, Barnett Waddingham LLP and Hogan Lovells.

Open Trustees Ltd., managing the Old British Steel Pension Scheme, secured the buy-in deal with Pension Insurance Corp. PLC, with a view to having liabilities for all members insured by next year. 

The bulk annuities deal will mean that savers have better benefits than they do currently under the U.K.'s retirement lifeboat scheme, the Pension Protection Fund.

"This is a significant...

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