Marks & Spencer Offloads £760M In Pension Liabilities

Law360, London (November 4, 2020, 3:19 PM GMT) -- Retailer Marks & Spencer said on Wednesday that it has offloaded £760 million ($977 million) in pension liabilities to insurers Aviva and Phoenix Life, in deals guided by Linklaters LLP and Allen & Overy LLP.

The high street giant has passed £360 million in liabilities to Phoenix Life as a buy-in transaction and £400 million to Aviva. The company said in its third-quarter results that it has now insured 80% of the pensioner liabilities of its £11 billion defined benefit workplace pension plan through buy-in transactions over the last two years.

The deal is one of the biggest so far this...

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