Sackers advises on £880m buy-in for Rolls-Royce & Bentley Pension Fund

The Trustee of the Rolls-Royce & Bentley Pension Fund, sponsored by Bentley Motors Limited, has completed a £880m buy-in with Standard Life, securing the benefits of c6,000 members of the scheme.

This is a full scheme buy-in transaction which included novation of the scheme’s existing longevity swap with Standard Life.

Kate Leigh, Trustee Director at Vidett and Trustee of the scheme, said: “This bulk annuity transaction represents a fantastic outcome for the Fund’s members. The Sackers’ team, led by Ian Cormican and Polly Ehrman, understood our objectives and brought their extensive experience to bear in helping us to conclude the transaction successfully.  Sackers worked collaboratively with our other advisers and their diligence and pragmatism helped us to address key issues with confidence.”

Sackers’ partner Ian Cormican added: “As long-standing advisers, we were delighted to be able to combine our in-depth knowledge of the Fund with our wider risk transfer and finance expertise to help the Trustee achieve its objective”.

The Sackers team comprised Ian Cormican, Polly Ehrman, Vicky Carr, Emma Scott and Mahima Vekaria.