Global law firm Reed Smith has advised the pension scheme of the Civil Aviation Authority on a buy-in worth over £1.6 billion with specialist insurer Rothesay Life. It is the second biggest transaction of this type ever in the UK, and the biggest this year.
The Reed Smith team, led by partner Simon Hartley and associate William Sutton in London, advised on the policy and payment terms, as well as a detailed verification exercise on the member benefits being insured. They also worked closely with AonHewitt who advised on selecting the insurer.
Simon Hartley, Reed Smith partner and head of the UK pensions team, commented:
“The trustee of the pensions scheme is a long-standing client of the group in London and we are really pleased to help them secure this outcome. It has improved the funding position of the scheme and given a higher level of security for member benefits.”
Note to Editors:
About Reed Smith
Reed Smith is a global relationship law firm, with more than 1,800 lawyers in 26 offices throughout Europe, the Middle East, Asia and the United States.
For further information, please visit www.reedsmith.com or contact Annabelle Price (senior corporate communications executive EME) on +44 (0)20 3116 3787.