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
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.”
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Notes to editors:
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021
Legal & General Retirement Institutional (LGRI) works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions.
Our UK Retirement annuity book stands at over £89 billion as at 9 March 2022, of which over £28 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.
Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.
(As of 31 Dec 2021)