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Slaughter and May advised Marks and Spencer Group p.l.c. on the funding plan it has agreed with the trustees of its UK defined benefit pension scheme. The funding plan has a present day value of £800 million and includes: · £300 million of value through the grant to the pension scheme of a further interest in the property backed partnership established between Marks and Spencer and the pension scheme in 2007 (in relation to which Slaughter and May advised Marks and Spencer). This new interest entitles the pension scheme to a fixed annual distribution of approximately £36 million for 15 years commencing in 2017 and a capital sum in 2031 equal to the lower of £350 million or any funding deficit in the pension scheme at that point in time. · £124 million of value through the transfer of assets from existing US$ debt hedge contracts held by Marks and Spencer. Corporate: Andy Ryde (partner), Richard de Carle (partner), Paul Dickson (associate), Stuart Whitty (associate); Financing: Marc Hutchinson (partner), Oliver Wicker (associate); Tax: Jeanette Zaman (partner), Dominic Robertson (associate); Pensions: Roland Doughty (partner)
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