Home / News / CMS advises GEC 1972 Plan on UK’s biggest ever pension...

CMS advises GEC 1972 Plan on UK’s biggest ever pension transfer deal

26 September 2019

CMS is pleased to have advised Stanhope Pension Trust, trustee of the GEC 1972 Plan, on a £4.7bn pension buy-out transaction with Rothesay Life. CMS was appointed by the trustee to advise specifically on this transaction, working closely alongside Aon.

This is the UK’s largest ever pension transfer deal, securing the benefits of over 39,000 people. It is anticipated that the buy-out phase of the transaction will complete by 2020 when Rothesay will assume responsibility for paying the pensions direct to the members.

James Parker, CMS Pensions Partner says: “This is a fantastic outcome for the trustee, the members and the sponsor and is the result of a great deal of hard work from all involved. This transaction has been one most collaborative processes on which I have worked and it shows what can be done when the trustee, sponsor, insurer and advisers all pull in the same direction.”

The CMS Pensions team is one of the UK’s foremost and largest teams of pension lawyers, advising trustees, employers, consultants and insurers on all aspects of pensions law. The team is a market-leader in pensions de-risking, having advised on many of the largest and most innovative buy-in, buy-out and longevity swap transactions to date.

The CMS team was led by James Parker and supported by Maria Rodia, Johanna Clarke, Elaine He and Doyin Olugbemiga.