Macfarlanes advises Fnac Darty on £330m pension buy-in with Canada Life UK

Macfarlanes advised European retailer Fnac Darty in relation to the £330 million buy-in of the Comet Pension Scheme with insurer Canada Life UK. The transaction secures the long-term benefits of approximately 4,500 pension scheme members by transferring the financial risk associated with future pension payments to a highly rated insurer. The arrangement transfers liability for future pension payments to Canada Life UK and provides greater certainty over pension costs for Fnac Darty. The buy-in represents a major de-risking milestone for Fnac Darty, strengthening the long-term financial position of the business and reducing exposure to pension funding volatility. Macfarlanes represented Fnac Darty with a team composed by: Pensions Partner Faye Jarvis and Senior Counsel Paul Lawrence.

Macfarlanes advises Fnac Darty on £330m pension buy-in with Canada Life UK

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