Osborne Clarke advises on £60m buy-in

Osborne Clarke has played a pivotal role in advising BDO LLP alongside the trustee boards of the BDO Pension Scheme and BDO ES Pension Scheme on their significant £60 million buy-in deal with Just, a FTSE-listed financial services firm. This important transaction secures the benefits for more than 1,000 members across both pension schemes. The swift accomplishment of the buy-in was made possible through a collaborative approach involving BDO, the trustee boards, and their advisors, which resulted in the deal being completed at an affordable cost and within tight timelines. A dedicated joint working group was formed to facilitate the transaction, bringing together representatives from BDO, the trustees, and their advising firms to ensure efficient progress.

Leading the Osborne Clarke team, Jonathan Hazlett, head of pensions, expressed his satisfaction with the successful partnership, stating “We’re delighted to have supported BDO and the trustees in this significant transaction.” He further highlighted the importance of the cooperative relationships established during the process, noting, “It’s been truly rewarding to help them achieve an excellent result where all members’ benefits have been fully secured with Just.” The transaction's execution was notably efficient, showcasing the effectiveness of the teamwork between BDO’s representatives, the trustees, and their advisors.

Richard Faulkner, trustee director and chair of both trustee boards, underlined the urgency and collaboration needed for the buy-in, mentioning “Once BDO indicated its desire to complete a buy-in, I was keen that we moved quickly and assembled a collaborative team to work efficiently to transaction.” He expressed confidence in Broadstone, who provided risk transfer services and ongoing support, reaffirming, “It was a pleasure to work so collaboratively with our advisers and BDO to achieve their objectives and secure a great result for our members.”

Osborne Clarke's pensions team is highly regarded, ranked as a top-tier firm by notable legal directories like the Legal 500 and Chambers UK, and it specialises in all aspects of pensions law. Their expertise in risk transfer arrangements, including securing members' benefits with insurance firms and navigating superfund transactions, highlights their commitment to delivering exceptional results for clients, as demonstrated by their previous successful projects involving the Debenhams Retirement Scheme and Clara Pensions Trust.