Home / News / CMS advises De La Rue Trustee on £320m buy-in with...

CMS advises De La Rue Trustee on £320m buy-in with Scottish Widows

16 June 2022

International law firm CMS has advised the Trustee of De La Rue Pension Scheme (the Trustee) in relation to its £320m buy-in with Scottish Widows.

The transaction covers the liabilities for approximately 1,400 scheme members and helps the Trustee improve the security of their benefits.

CMS Pensions Partner James Parker, who led the transaction, comments: “We are delighted to have advised the Trustee on this buy-in with Scottish Widows. It is always very pleasing to complete a transaction that protects the benefits of pension scheme members. We were able to work closely with the Trustee and Hymans to secure a very positive outcome.”

This transaction is another great example of CMS’ market-leading reputation in acting for pension schemes in de-risking transactions. It is also the latest in a very busy period for the team, having acted on over 25 transactions worth more than £17bn in the past year. Most recently, the team has advised The House of Fraser Trustee on its £600m buy-out transaction with Pension Insurance Corporation and the Imperial Tobacco Pension Fund on its £1.8bn bulk purchase annuity transaction with Standard Life.

The CMS team was led James Parker and Jae Fassam with support from Mukudi Nkanza, Simon Evans, Katie Becher and Claire Miller.