Sidley Austin Advises Prudential on the First Local Government Pension Scheme Buy-in
London - The London office of Sidley Austin LLP has advised Prudential on a pensions buy-in with the West Midlands Integrated Transport Authority (WMITA). Prudential has insured pension liabilities held by the WMITA’s pension fund in a deal worth over £272 million, protecting the fund from volatility in investment and longevity risk.
This was the first buy-in transaction involving a UK local government pension fund, and raises the possibility that other local authorities may follow suit. It is also understood to be the largest buy-in transaction so far in 2012.
The Sidley team was led by Insurance partner Martin Membery, working with associate Max Dannheisser.
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