Osborne Clarke advises on pension buy-in

Osborne Clarke has provided essential legal support to the trustees of the British Heart Foundation (BHF) Staff Pension Scheme in their recent £37 million buy-in with Royal London. This significant transaction was executed to fully secure the retirement benefits of over 200 scheme members. The effective and collaborative approach taken by the BHF, the Scheme trustees, and their advisers facilitated the completion of the buy-in within an impressively short period of just 14 business days after Royal London was granted exclusivity.

Leading the advisory team at Osborne Clarke was Head of Pensions, Jonathan Hazlett, who expressed his satisfaction with the outcome, saying "We’re delighted to have supported the Scheme trustees and the BHF on this transaction." Hazlett also highlighted the mutual benefit of partnering with Royal London, stating, "It’s a great result to have been able to secure members’ benefits in full with Royal London, whose mutual status aligned really well with the BHF’s values." He further commended the strong and collaborative working relationships that helped bring this transaction to fruition swiftly.

The risk transfer advice was provided by Broadstone, which played a crucial role as the deal lead, alongside administering actuarial and investment support services due to their long-standing engagement with the Scheme. Comments from Roshan Teeluck, Chair of the Scheme trustees, reflected the positive impact of the buy-in: "Above all, this positive news improves the security of providing benefits payable to the members of the Scheme and their dependants." Teeluck expressed gratitude for the support received from advisers and BHF throughout this critical process.

Recognised as a top-tier firm in legal directories such as the Legal 500 and Chambers UK, Osborne Clarke's pensions team has extensive knowledge in all areas of pensions law, with particular expertise in pensions risk transfer transactions. Their proficiency is further demonstrated through other significant transactions, including their advisory role for the trustees of the Debenhams Retirement Scheme in 2023 and the Clara Pensions Trust in 2024.