GlaxoSmithKline - £900m pension "buy-in" deal with Prudential

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Slaughter and May advised GlaxoSmithKline (GSK), one of the world's leading research-based pharmaceutical and healthcare companies, on a bulk annuity buy-in agreement between the trustees of two of its pension funds and the Prudential to insure the pension funds' obligations to pay certain liabilities. The transaction covers around 15% of GSK's UK defined benefit pension liabilities and has an aggregate value of approximately £900 million.

Pensions: Sandeep Maudgil (partner); Financing: Matthew Tobin (partner); Corporate: Jonathan Marks (partner), William Hogarth (associate); Financial Regulation: Ben Kingsley (partner); Tax: Jeanette Zaman (partner), Ruth Evans (associate); IP/IT: David Ives (partner)