We are pleased to announce our involvement in the recently completed Phoenix Medical Supplies £30 million full-scheme buy-in transaction for its pension scheme, securing the future benefits for more than 145 pensioners and 80 deferred members.
As part of the transaction, the Gateley Legal pensions team, led by Michael Collins and supported by Phil Jelley, provided trustees with expert legal advice, who after completion voiced their delight that the buy‑in provided long‑term security for the pensioners as well as deferred members.
Speaking after the transaction was announced, Phil Jelley said: “We’re pleased to have played our part in helping the trustees achieve this positive outcome. We know how important long-term security is to trustees and the scheme members, and our experts worked tirelessly to ensure that their requirements were met.”
Our involvement in this transaction is a continuation of our work in the pensions trustee space, with our team advising trustees on all aspects of pensions law, from the day-to-day management of their pension schemes through to the legal details of major projects and transactions.
We advise a wide range of clients, from local businesses to organisations with an international footprint, across numerous sectors. The schemes that we advise on include defined benefit schemes (with assets ranging from £500,000 to over £3bn), defined contribution occupational pension schemes, contract-based schemes and small self-administered schemes, as well as self-invested personal pensions.
The Phoenix Medical Supplies transaction was collaborated on with Canada Life, with Barnett Waddingham acting as the lead broker on the deal, as well as adviser and administrator to the scheme.