Sackers advises on £1.3bn buy-in for Coats UK Pension Scheme

The Trustee of the Coats UK Pension Scheme has completed a buy-in with Pension Insurance Corporation for £1.3bn. The transaction follows the scheme’s £350m buy-in with Aviva in 2022 and means that the scheme is fully insured and the pensions of all 18,042 scheme members secured.

Chris Martin, Trustee Chair, said: ““It has been an absolute pleasure to work with the outstanding Sackers team on this buy-in. The way in which Sackers flexes client service teams was fully tested on this transaction. Having been appointed (in quieter times!) in 2018, Helen Baker does a fabulous job leading the team and delivering advice to the Board and in-house Coats pension team. Faith Dickson led on the market leading risk settlement transaction with PIC. Vicky Carr delivered the complex arrangements around the sponsor funding and of course Polly Ehrman did the hard yard to get the deal done. Liz Nolan also provided invaluable project management support.”

Partner Helen Baker, who led the Sackers team, added: “We were delighted to be able to combine our in-depth knowledge of the Scheme with our risk transfer expertise to provide the Trustee with the advice it needed. It was a huge team effort from everyone.”

The Sackers team comprised Helen Baker, Faith Dickson, Ralph McClelland, Vicky Carr, Polly Ehrman, Andrew Worthington, Naomi Brown, Hannah Savill, Susie Oakley, Sophia Russell and Elizabeth Nolan.