News
Read about the latest developments at Shepherd and Wedderburn - as well as updates on the law. There are also details of our latest deals, and our media centre for journalists.
Lehman Brothers looking into pension scheme buyouts
The US investment bank Lehman Brothers has become the latest firm to look into the possibility of acquiring pensions schemes being offloaded by UK businesses due to rising liabilities.
Earlier this year Goldman Sachs, through its subsidiary Rothesay Life, made such a move, acquiring the pension scheme of the gaming operator Rank Group, while last year Citigroup took on the £200m retirement scheme of Thomson Regional Newspapers.
Now it has been reported that Lehman Brothers narrowly missed out to Pension Insurance Corporation for the purchase of Delta's pension scheme last month and, the head of the bank's European pensions advisory group Alan Rubenstein has signalled that it may look into future deals should they arise.
"Lehman Brothers is active in helping clients look at different ways of managing their pensions risks including removing these from the balance sheet if entirely appropriate," he stated.
This comes soon after a report published by the pensions consultants Lane, Clark & Peacock revealed that UK companies offloaded around £4.1 billion during the six months to the end of March 2008, up from £600 million over the previous six-month period.
Earlier this year Goldman Sachs, through its subsidiary Rothesay Life, made such a move, acquiring the pension scheme of the gaming operator Rank Group, while last year Citigroup took on the £200m retirement scheme of Thomson Regional Newspapers.
Now it has been reported that Lehman Brothers narrowly missed out to Pension Insurance Corporation for the purchase of Delta's pension scheme last month and, the head of the bank's European pensions advisory group Alan Rubenstein has signalled that it may look into future deals should they arise.
"Lehman Brothers is active in helping clients look at different ways of managing their pensions risks including removing these from the balance sheet if entirely appropriate," he stated.
This comes soon after a report published by the pensions consultants Lane, Clark & Peacock revealed that UK companies offloaded around £4.1 billion during the six months to the end of March 2008, up from £600 million over the previous six-month period.
02 July 2008.
© 2008 Adfero Ltd. All rights reserved. Unless expressly stated any views are not those of Shepherd and Wedderburn. News supplied by Adfero DirectNews.
Latest industry news
Prudential signs £1bn pensions deal
04 September 2008
Commission set up for agency worker rule rollout
29 August 2008
PPF reaches deal to drive pension fund responsibility
14 August 2008
Final salary pensions drop £24bn into the red
12 August 2008
L&G report strong growth on back of pensions buyout boom
07 August 2008
