Shoosmiths Advises On £47M Pension Deal For Staples UK

By Martin Croucher (May 4, 2022, 10:57 AM BST) -- A pension scheme for a former high street office supplies chain has insured £47 million ($59 million) of its liabilities with Legal & General Assurance Society Ltd., the insurer said on Wednesday.

The deal, with the Universal Office Supplies Pension Scheme, covers 175 deferred members of the retirement plan — people of working age who are no longer employed at the company — and 85 retirees.

The scheme is sponsored by Staples UK Ltd., a former high street stationery retailer. The subsidiary was sold by the U.S. parent company Staples Inc. in 2016 to Hilco Capital, a restructuring specialist.

The retailer...

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