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Travers Smith advises Rothesay on £640m buy-in of the Smiths Group’s TI Group Pension Scheme


Travers Smith LLP has acted for Rothesay Life PLC in connection with the £640million buy-in of the Smiths Group’s TI Group Pension Scheme, insuring the benefits of more than 8,750 members.

The buy-in has been secured in anticipation of a full buyout and wind up over the coming years.

The Travers Smith team was led by Partner Dan Naylor, Senior Counsel Harriet Sayer and Senior Associate Alexander Economides.

Aon was the lead broker on the transaction, while legal advice was provided to the trustee by Mayer Brown and to Rothesay by Travers Smith, DLA Piper and Eversheds.

Travers Smith has a market-leading pensions derisking practice. The firm advises trustees, employers and parties to corporate transactions on all areas of the law relevant to the operation of and assessment of risks in relation to pension schemes. This includes significant experience in full and partial buy-ins, buyouts, longevity hedging and synthetic de-risking structures of all sizes and complexities. Recent examples of the firm's de-risking work include advising Rothesay in relation to its £3.8bn buy-in of the Asda Group Pension Scheme, advising British American Tobacco on a buy-in of the British American Tobacco UK Pension Fund and advising the Trustees of the Nortel Networks UK Pension Plan on its £2.5billion buy-out.

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