Slaughter and May advised Taylor Wimpey plc on the implementation of a pension funding partnership in connection with the merger of the George Wimpey Staff Pension Scheme and the Taylor Woodrow Group Pension & Life Assurance Fund to create a single new pension scheme called the Taylor Wimpey Pension Scheme.

The partnership is structured to deliver to the new Taylor Wimpey Pension Scheme a 15 year income stream together with final conditional payments of up to £100 million. As a result of the implementation of the pension funding partnership, Taylor Wimpey's pension deficit on a funding basis will reduce.

The pension funding partnership is principally backed by certain show home assets of Taylor Wimpey.

CONTACTS

Corporate and Commercial: Paul Dickson (partner), Lauren Fahy (associate), Richard Marron (associate); Financing: Mark Dwyer (partner), Frances Churchyard (associate); Real Estate: John Nevin (partner) Jane Hilton (associate); Tax: Gareth Miles (partner)