Linklaters advises TUI GROUP UK Pension Trust on £ 800million double buyback transaction with Legal & General


Linklaters advised the pension administrator of the TUI GROUP UK Pension Trust, which provides pension benefits to former and current UK employees of the multinational travel and tourism company, TUI Group, on two pension risk transfer transactions of ‘worth £ 800million. The Trust has three sections and the redemption transactions cover two of these sections.

Both deals include a partial pensioner’s buy-in of £ 610million for the BAL section and a full buy-in of £ 184million for the TAPS section of the Trust. These transactions mark the first trustee retirement risk transfer transactions with Legal & General.

The Linklaters team was led by Pension Consultant Carol Jones and included Associate Managers Sarah Opie and Elizabeth Forbes.

The transaction further strengthens the reputation of pension firm Linklaters for working on some of the largest and most complex buyout transactions in the industry, including in this case an agreement that involved insuring several different benefit structures. Other similar transactions performed by the practice group include advising the Rolls-Royce pension fund on the Record £ 4.5bn buyout with Legal & General as well as to advise the Administrator of the British American Tobacco pension fund on a buy-in of £ 3.4 billion.

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