Scottish Widows agrees £400m buy-in with Harrods Group Pension Plan

Written by Adam Cadle

12/06/2023

Scottish Widows has agreed a £400m full scheme buy-in with the Harrods Group Pension Plan, securing retirement benefits for around 1,900 pensioners and 2,100 deferred members.

XPS acted as the lead transaction adviser, while legal advice was provided to the trustee provided by CMS. Scottish Widows was advised by DLA Piper.

Scottish Widows head of origination and structuring, Matt Wilmington, added: “We are delighted to have been chosen by the trustee to be its partner for this transaction.

"Working closely and constructively with the trustee and its advisers we were able to insure the benefits of around 1,900 pensioners and 2,100 deferred members of the plan, providing increased security for the members and reducing financial risk for the sponsor.”

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