Media: Press Releases | 22 October 2020
London, 22 October 2020 – International law firm Hogan Lovells has advised Open Trustees, the Trustee of the Old British Steel Pension Scheme (OBSPS), on its £2 billion pension insurance buy-in with insurer, Pension Insurance Corporation plc.
Completed on 8 October 2020, it is the largest bulk annuity deal announced so far this year in the UK and one of the very few “PPF+” buy-in transactions to have taken place. The deal marks a significant step forward for OBSPS members. The deal secures the liabilities of over 30,000 members at or above PPF levels of compensation, which should ultimately lead to many members getting a better outcome than they might otherwise have been expecting had the OBSPS transferred to the PPF.
The OBSPS entered a PPF assessment period in March 2018, as a result of the restructuring of the UK operations of Tata Steel UK Limited agreed with the Pensions Regulator and the PPF, a matter Hogan Lovells also advised on.
The Hogan Lovells team was led by London-based corporate partners Claire Southern and Jonathan Russell with support from partners Nicola Evans and Matthew Bullen.
Commenting, Claire Southern said: “We are delighted to have been able to work with Open Trustees to help them negotiate this buy-in which is a significant step towards a wind-up outside of the PPF. This is all round good news for OBSPS members.”