Pension Scheme For Collapsed Retailer Secures £100M Buy-In

Law360, London (July 30, 2020, 6:31 PM BST) -- The retirement scheme of a collapsed agricultural retailer has insured £100 million ($128 million) of pension liabilities with Legal & General, the insurer said Thursday, in a deal advised by Gowling WLG, Osborne Clarke LLP and Clifford Chance.

The Countrywide Farmers Retirement Benefits Scheme secured the bulk annuities transaction with L&G, protecting the pensions of 360 deferred members and 712 retirees.

The scheme had been placed into assessment in March 2018 by the Pension Protection Fund, the U.K.'s retirement lifeboat scheme, after Countrywide Farmers PLC became insolvent.

The deal with L&G will mean greater benefits for members than those that would...

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