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DWF advises trustees of the Princes UK pension schemes

19 March 2024

DWF, the global provider of integrated legal and business services, has advised longstanding client, the trustees of the Princes UK pension schemes on their combined £150m full buy-ins with Aviva.

Led by partners Marcus Fink and Liz Ramsaran, DWF advised the trustees of the Princes Pension Scheme and the Princes (1977) Pension Scheme. This exercise was the culmination of a significant exercise by the Trustees in securing the benefits in these legacy pension arrangements with numerous member categories. 

Marcus Fink, Head of Pensions at DWF said: "The buy-in was a complex transaction given the number of membership categories and structure of the schemes' governing documentation. Our team worked seamlessly with the trustees and other advisors to deliver the buy-in within an aggressive time frame in order to take full advantage of market conditions."

Stephen Cardall, Chair of Trustees to both schemes said: “The agreement with Aviva gives protection to our members’ long-term benefits by substantially removing market uncertainty and other financial exposures. As a result, the Princes defined benefit schemes will afford greater security to their members and pensions will be protected for the foreseeable future." 

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