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A&O advises Asda on pension scheme buy-in

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Cork Andy
Andy Cork

Partner

London

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18 October 2019

LONDON: Allen & Overy has advised Asda Stores Limited (Asda), the sponsor of the Asda Group Pension Scheme, on a full insurance buy-in covering the Scheme's c. GBP3.8 billion of liabilities. The buy-in has been secured in anticipation of a full ‘buy-out’ of the Scheme, expected to be completed in late 2020 or early 2021.

The Scheme’s Trustee, enabled by a one-off contribution from Asda, has purchased a bulk annuity insurance policy from Rothesay Life Plc that will meet the future benefit payments for all c.12,300 members.

Andy Cork, partner, Corporate Pensions said: "Buy-outs are often seen as the gold standard for members and we are delighted to be able to help Asda and the Scheme’s Trustee in securing the benefits of their defined benefit members."

For further information, please contact Elizabeth.Randall@allenovery.com on +44 (0)20 3088 2989.