Slaughter and May, A&O Shearman along with Burness Paull advised on Aberdeen’s agreement to become the sponsoring employer of the Stagecoach Group Pension Scheme.
The scheme will continue to “run on”, ensuring long-term security, improved inflation protection, and an initial pension increase of c.1.5% for all members. This represents an immediate allocation of over £50 million of surplus for members, with the potential for further increases through investment in productive assets.
Slaughter & May advised Aberdeen on its agreement to become the sponsoring employer of the Stagecoach Group Pension Scheme, a transaction that delivers significant benefits to over 22,000 members. The deal was led by Charles Cameron, Chris Sharpe, Charlie McGarel Groves-Groves, Nick Bonsall, and Nick Pacheco.
A&O Shearman acted for Stagecoach in an innovative risk transfer transaction, working collaboratively with the Trustees and Aberdeen. After an extensive process of considering endgame options for the Scheme, an agreement was reached whereby the Scheme will continue to “run on” with Aberdeen as the new sponsor.
The A&O Shearman team was led by partner Neil Bowden, senior associate Myles Cormack, associate Lucy Pasi in pensions with support from associate Andrew Pang in corporate and associates Jessica McIntosh and Sarah Ward in employment.
Burness Paull LLP worked alongside the team at A&O Shearman advising Stagecoach Group on the Scots law aspects of a pioneering £1.2bn pensions transaction. The team was led by Partner Sarah Phillips along with Senior Associate Richard MacDonald.
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