Clifford Chance Advised Legal & General On Its Combined £785 Million Buy-In With Three Anglo American Pension Schemes

Clifford Chance advised Legal & General on its combined £785 million buy-in with three Anglo American pension schemes

Clifford Chance has advised long-standing client Legal & General Assurance Society Limited (L&G) on a series of pension buy-in transactions valued at a combined £785 million, involving three pension schemes sponsored by Anglo American Services (UK) Ltd—namely, The Tarmac UK Pension Scheme, The Tarmac ‘B’ Pension Scheme, and The Anglo UK Pension Scheme.

The transaction secures the benefits of over 5,100 retirees and 2,500 deferred members, providing significant risk reduction for the sponsoring employer while ensuring the long-term security of member benefits.

The Clifford Chance team was led by Sarah McAleer (Partner, Pensions), with support from Portia Wainman (Senior Associate, Pensions). The team worked closely with Liz Wood from L&G’s in-house legal team, alongside Rachel Cutts and Sabeen Iftikhar (Origination and Execution Directors at L&G).

Clifford Chance has a strong track record in pensions risk transfer, having previously advised L&G on its approximately £340 million buy-in with the Cable and Wireless Superannuation Fund and its £1.8 billion buy-in with two schemes sponsored by United Utilities in 2023, along with multiple deals in 2024.

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