PwC advises on TRW pension buyout
The Midlands office of Big Four accountancy firm PwC has advised on the largest pension buyout in the UK to date.
The group's pensions team acted as corporate adviser for global group TRW Automotive on its £2.5bn partial buyout with Legal & General for 22,000 retired members of its UK defined benefit pension scheme.
The deal allows TRW to transfer risks associated with the members to Legal & General.
Jeremy May, pensions partner at PwC in the Midlands, said: "This is a prime example of a company that wanted to secure benefits for all their pensioners and remove the financial uncertainty on their balance sheet, but knew the cost would be unviable without an innovative approach being adopted.
"We were able to play a lead role in the solution which reshaped the benefits– this meant an affordable solution for TRW and secure pension benefits for its members which were shaped to meet their personal needs."
TRW is headquartered in the US and has nine bases across England, Scotland and Wales, including sites in Nuneaton, Birmingham and Solihull.
Eversheds also advised on the deal. Its team was led by partner Ingrid Everson and included partners Francois Barker and Emma King and principal associates Lynette Lewis and Gavin Paul.