Clifford Chance Steers L&G's £150M Carillion Pension Deal

Law360, London (February 9, 2021, 12:22 PM GMT) -- Legal and General said on Tuesday that it has bought £150 million ($206 million) of pension liabilities of the retirement scheme for the now-defunct Carillion PLC in a move to secure the benefits of more than 1,000 members.

Legal and General Assurance Society Ltd. said it has agreed with the trustee of the Mowlem (1993) Pension Scheme to buy out the benefits of 650 retirees and more than 360 deferred members, who have stopped paying in but do not yet receive their pensions.

The retirement plan's members worked at Sovereign Hospital Services Ltd., which was part of the Carillion Group. The...

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