Press release

Legal & General agrees £21m buy-in with Barnett & Hall Holdings Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces completion of a c.£21 million full-scheme buy-in with Barnett & Hall Holdings Pension Scheme (“the Scheme”) in March 2022. This secures benefits for around 110 pension scheme members, of which 105 are non-pensioner members.

23 Jun 2022

Full press release

BHH Limited is a subsidiary of W&R Barnett Limited, which is a fourth-generation family business established in 1896 and is a holding company of international services including trading, storage, agribusiness and industrial companies.

This announcement marks the Scheme’s first Pension Risk Transfer (“PRT”) transaction with Legal & General. The Trustees and Legal & General will now continue to work closely together towards taking the Scheme towards a potential future buyout.

PwC UK acted as lead transaction advisor, while Pinsent Masons provided legal advice to the Trustee.

Matthew Dales, Actuarial Manager, Legal & General Retirement Institutional: "Having built a strong reputation for transacting with a variety of scheme sizes and membership profiles at effective pricing levels, we were able to agree a partnership with the Trustees. We look forward to welcoming our new pension members to Legal & General as we work with the Trustees on the last stage of their de-risking journey.”

For further information:

Stephanie Williams

Marketing Manager

Institutional Retirement

T: +44 (0)7469 406866Email Stephanie Williams

Notes to editors

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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