Law360, London (November 5, 2020, 12:42 PM GMT) -- A retirement scheme for former bosses of collapsed retailer British Home Stores has secured £2.5 million ($3.2 million) of pension liabilities with Legal & General in a buy-in deal advised by law firm Eversheds Sutherland.
The BHS Senior Management Scheme, one of two sponsored by the former high street giant before it entered into administration in 2016, had been under assessment by the Pensions Protection Fund, the lifeboat for failed defined benefit schemes.
The insurance deal will mean that the pension plan's members are all policyholders with Legal & General Assurance Society Ltd.
"This transaction demonstrates how we can support pension...
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