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.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also 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. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
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 Client Services’ 12-month rolling Net Promoter Score (NPS) is above 70, which is widely regarded as being at a “world class” level. Including the premium to be received in relation to this transaction, LGRI has annuity assets estimated at £63bn.