Slaughter and May advises United Utilities on derisking of the United Utilities Pension Scheme and the United Utilities PLC Group of the Electricity Supply Pension Scheme

Slaughter and May has advised United Utilities PLC (“United Utilities”) on the partial buy-ins entered into with Legal & General Assurance Society Limited (“Legal & General”) by the trustees of two pension schemes sponsored by United Utilities: the United Utilities Pension Scheme and the United Utilities PLC Group of the Electricity Supply Pension Scheme (the “Schemes”).

The transactions provide secure income to the Schemes from Legal & General that covers around two thirds of the liabilities of the Schemes, totalling c. £1.8 billion across the two Schemes.

United Utilities is a FTSE-100 listed water supply company. The Slaughter and May team worked closely throughout the transactions with United Utilities’ advisers at Lane, Clark & Peacock LLP as well as the trustees’ advisers.