L&G Takes Over Edwards Wildman's £35M UK Pension Fund

Law360, London (September 12, 2019, 2:35 PM BST) -- Insurer Legal & General has agreed to take on the liabilities and risks for £35 million ($43 million) worth of U.K. pension assets from U.S. law firm Edwards Wildman Palmer LLP.

The transaction, announced on Wednesday, will make Legal & General Group PLC, the U.K.s largest investment manager for corporate pension plans, responsible for administering the scheme and paying out to its members once the law firm offloads the assets and liabilities. Buyouts allow companies that fund pensions to pay a fixed amount to an insurer to take over a pension fund, transferring their risks by freeing themselves of any of...

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