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Stephenson Harwood advises the Bank of China pension fund as their trustees secure all members’ pension entitlements with Canada Life
Law firm Stephenson Harwood LLP’s Pensions Advisory group has advised the trustees of the Bank of China pension fund on the legal aspects of a £40 million transaction with insurer Canada Life, securing the pension entitlements of all scheme members in full.
The transaction involved significant complex legal advice which eventually allowed the Trustees to purchase of a policy of insurance with Canada Life, providing long-term security for all pension fund members at the bank. The team worked closely with the Canada Life in house legal team and lead broker Hymans Robertson to close the transaction within a short timeframe. The arrangement marks a significant de-risking milestone for the scheme, ensuring future benefits are fully protected.
The Stephenson Harwood team advising the trustees was led by Partner Philip Goodchild and Consultant Dan Bowman, supported by Associate Julia Cooper.