John Lewis Partnership - Pension funding arrangements

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Slaughter and May advised John Lewis Partnership plc on a contribution of £95 million to its defined benefit pension scheme and a subsequent investment of £95 million by the pension scheme in a partnership backed by certain real estate assets of the John Lewis Partnership.

This partnership is structured to deliver to the pension scheme an annual return on its investment together with a final payment, the amount of which is contingent on its funding position at a future point in time.

Martin Whelton (partner), Paul Dickson (associate), Chris Bulger (associate); Real Estate: David Waterfield (partner), Simon Folley (associate); Pensions: Roland Doughty (partner); Tax: Steve Edge (partner), Dominic Robertson (associate); Financial Regulation: Ruth Fox (partner), Ben Hammond (associate)