A&O Guides £190M Pension Deal For Pfizer Subsidiary

Law360, London (May 27, 2021, 2:00 PM BST) -- A subsidiary of U.S pharmaceutical giant Pfizer Group has insured £190 million ($270 million) of its pension liabilities with Aviva Group, the British insurer said on Thursday.

The deal means that Philadelphia-based John Wyeth & Brother will be protected against the risk that 2,000 members in its defined benefit scheme could live longer than expected. The agreement is the second for the Wyeth Group Pension and Life Assurance Scheme, which covers U.K. employees, after it sealed a £158 million deal with a pensions company, Just Group, in February 2019.

"This is another important step for the scheme and wider group as...

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