Wragges leads £120m pension scheme deal
Birmingham law firm Wragge & Co has advised the trustees of EMAP Flexiplan pension scheme on its buyout by Standard Life and its ultimate wind-up.
Post buyout, Standard Life took on the financial responsibility for paying the 6,000 members' benefits.
The EMAP Flexiplan scheme was worth about £120m.
Wragges' partner Richard Lee led the deal, supported by associate Lynne Holcroft and solicitor Hannah Dolman.
Lee said: "We have advised the trustees of EMAP's pensions schemes for more than 20 years, including securing Paternoster's buyout of the defined benefit schemes in 2007. EMAP Flexiplan was one of the UK's first large-scale defined contribution occupational pension schemes."
Under the deal, about 3,500 members transferred to Standard Life, while 750 active members joined EMAP's new group personal pension scheme. A further 400 members transferred to a provider of their choice and about 1,400 opted to take their benefits as a lump sum.
Mercer acted as financial adviser to EMAP Flexiplan.
