Mayer Brown advises Ford Pension Schemes on £4.6 billion Buy-in with Legal & General – Largest Pension Risk Transfer Transaction Announced in UK in 2025

Mayer Brown has advised the Trustees of the Ford Hourly Paid Contributory Pension Fund and the Ford Salaried Contributory Pension Fund on two buy-ins totalling £4.6 billion, in a combined transaction. In total, the benefits of over 35,000 retirees were secured. This is the largest Pension Risk Transfer deal announced in the UK in 2025.  Mayer Brown was lead legal advisor, working closely with Aon, the lead transaction consultants. The transaction was completed in a smooth and collaborative fashion, in a tight timeframe.

The Mayer Brown team was led by Tom MacAulay, partner in our Global Insurance Industry Group. It also included Pensions Group senior associate Henry Corrigan, Pensions Group partner Andrew Block (who is the relationship partner for both Funds) and Josephine Wong, senior associate in our Global Insurance Industry Group.

Jonathan Wood, Chair of Trustees said:

“Having worked towards this for many years, we are delighted to have achieved this significant further de-risking milestone, providing even greater security for our members. The outcome achieved is testament to the commitment and dedication shown over many years by the Trustees and Ford to support the Funds.  The Trustees are grateful for the skill and expertise of Mayer Brown in assisting us with the execution of this transaction.”

The transaction is a further addition to the list of PRT transactions on which the London office has recently acted – other recent examples include acting for Royal London on two separate transactions Mayer Brown advises Royal London on BPA transaction with the Trustee of the Stora Enso UK Group Pension Scheme | News | Mayer Brown and Mayer Brown advises Royal London on BPA transaction with the Trustees of the Milliken Industrials Limited Pension Plan | News | Mayer Brown;  and Molins U.K. Pension Fund on a £249 million buy-in with Aviva Mayer Brown advises Molins U.K. Pension Fund on £249 million buy-in of scheme liabilities with Aviva Life & Pensions | News | Mayer Brown.”