Aberdeen to replace Stagecoach as sponsor of GBP1.2 billion Stagecoach Group Pension Scheme

"A&O Shearman acted for Stagecoach after Aberdeen Group agreed to replace Stagecoach as sponsoring employer of the GBP1.2 billion Stagecoach Group Pension Scheme. The arrangement will keep the scheme running with Aberdeen as sponsor and deliver an initial uplift and improved inflation protection for around 22,000 members."

A&O Shearman acted for Stagecoach in a transaction with Aberdeen Group, which will become the Stagecoach Group Pension Scheme's new sponsoring employer. Aberdeen Group has agreed to replace Stagecoach as sponsor of the GBP1.2 billion Stagecoach Group Pension Scheme. A&O Shearman advised Stagecoach in an innovative risk transfer transaction, working collaboratively with the Trustees and Aberdeen. After an extensive process considering endgame options for the Scheme, the parties reached an agreement under which the Scheme will continue to "run on" with Aberdeen as the new sponsor. The arrangement is expected to bring significant benefits to the Scheme’s approximately 22,000 members, including an initial uplift to all benefits and enhanced inflation protection funded from existing Scheme surplus. It also offers the prospect of further pension increases in the future without compromising the Scheme’s long-term security. A&O Shearman represented Stagecoach with a team composed by: Neil Bowden, Partner, London; Myles Cormack, Senior Associate, London.

Aberdeen to replace Stagecoach as sponsor of GBP1.2 billion Stagecoach Group Pension Scheme

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