The Law Society, the professional body for solicitors in England and Wales, has completed a £320m buyout of its pension fund with the UK arm of US insurer MetLife. It is the biggest deal announced so this year - an indication that business is picking up.
The market for pension buyouts, whereby companies pay insurance groups to take closed retirement funds off their hands, was subdued in the early part of 2011. Just £281m's worth of these deals were signed in the first quarter.
