Jurisdiction(s):
United Kingdom

Key definition

Buy-back definition

What does Buy-back mean? In pensions practice, buy-back is the payment of a state scheme premium to restore a member’s additional State Pension for a period when they were contracted out. It reverses contracting-out for that period, reinstating SERPS/state second pension entitlement on the member’s National Insurance record and extinguishing the scheme’s corresponding contracted-out liability (often a GMP). The term is descriptive; the statutory mechanisms are “state scheme premiums”, most commonly a contributions equivalent premium (CEP), provided for in UK pensions and social security legislation (for example, the Pension Schemes Act 1993 and predecessor Acts). Premiums are usually paid by the employer or...

Debt buy-backs under leveraged facility agreements: borrower and sponsor affiliate purchases, key issues, and LMA Clause 31 processes

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Practice notes

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This Practice Note offers high-level guidance on debt Buy-backs within loan documentation. It first outlines what constitutes a debt buy-back, then considers the issues that may emerge, and sets out how the Loan Market Association (LMA) addresses buy-backs in its standard form documents. For fuller analysis, including structuring points, see Article: Structuring loan buybacks—(2021) 5 JIBFL 337. Buy-backs can relate to Loans or bonds; however, this Practice Note addresses loan buy-backs only. For material on bond buy-backs, see Article: and the weakening of bondholder protection (2020) 5 JIBFL 310.

What is a debt buy-back?

In a lending context, a debt buy-back typically means the acquisition of existing debt in the secondary market by a sponsor (or a sponsor affiliate) or by a company within the Borrower group in a sponsor-controlled leveraged credit...

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Web page updated on 21/05/2026

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