Linklaters advised Staples UK on the deal.
The transaction involved Staples UK Limited’s £47m buy-in with Legal & General (L&G), covering over 175 deferred members and 85 retirees in the Universal Office Supplies Pension Scheme.
Following wider de-risking discussions with the trustee, the transaction has been agreed as part of a collaborative sole insurer process. This deal is particularly interesting as the premium was split in two to allow for disinvestment of certain illiquid assets.
Staples UK offers office supplies, technology products and services, facilities and break room supplies, furniture and a wide range of other product categories.
The scheme trustee will now work with L&G towards a buyout within set timeframes.
Linklaters’ team included John Sheppard (Picture), Pensions Partner, and Alasdair Smith.
Law Firms: Linklaters;
Clients: Staples UK;