Sackers advises on combined £785m buy-in for Anglo American scheme

Three pension schemes sponsored by Anglo American Services (UK) Ltd (“Anglo”) have completed buy-ins totalling £785m with Legal & General. The buy-ins were completed as part of a combined transaction and secured the benefits of over 5,100 pensioners and 2,500 deferred members. Sackers advised Anglo and the trustees of the Anglo UK Pension Scheme.

Tony Davies, Chair of the Anglo UK Pension Scheme commented: “The buy-ins are the culmination of many years of hard work as we implemented a long-term de-risking strategy, fully supported by Anglo American. We want to thank the Group Pensions Manager for Anglo American and our professional advisers for their important roles throughout the process in completing the buy-in transactions, which further increase the security of the members’ benefits.”

Partner Ian Cormican added: “We were delighted to be part of the adviser team on this combined buy-in. We drew on our risk transfer expertise and our knowledge of the Anglo UK Pension Scheme to contribute towards the successful conclusion of the transaction.”