Lloyds TSB’s Group Pension Scheme No.1 has sold its share of a portfolio of re-securitised US residential mortgage-backed securites for £1.16 billion.
The defined benefit (DB) pension scheme’s trustees were advised by law firm Sackers in the disposal of the portfolio. Law firm Slaughter and May worked alongside Sackers, advising the trustee on the securitisation aspects of the transaction.
Jonathan Berman, investment partner at Sackers, said: “This was a fast-moving and highly interesting matter, in which the role of the trustee was pivotal to the overall deal.
“It is one of the largest ever single transactions for this asset class, and we were pleased to assist the trustee on this highly successful transaction for the members of the No.1 scheme.”