Press releases

Legal & General agrees £225m buy-in with Newell Rubbermaid UK Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces it agreed a £225 million buy-in in February with the Combined Newell and Record Section of the Newell Rubbermaid UK Pension Scheme (“the Scheme”). The transaction secures the benefits of more than 800 retirees and 900 deferred members.

11 Mar 2022

Full press release

The sponsoring company, Newell Brands (formerly Newell Rubbermaid; NASDAQ: NWL), is a leading global consumer goods company with a strong portfolio of well-known brands across several business units including writing, food and home fragrance.

Today’s transaction represents the Scheme’s second buy-in policy with Legal & General. It follows an existing buy-in with the Combined Parker and Sanford Section of the Scheme.

After being selected as preferred insurer in December 2021, Legal & General provided a price lock to the value of the Scheme’s portfolio of gilts. This gave the Scheme price certainty over the year-end and into 2022, while the terms of the buy-in were being agreed.

The sponsor and Trustee were advised on the transaction by Aon and legal advice was provided to the Trustee by Pinsent Masons. Clifford Chance provided legal advice to Legal & General.

Rachel Cutts, Director, Legal & General Retirement Institutional: "Our tailored price locks provide price certainty for trustees, particularly during the current period of high market volatility. We’re pleased to have been able to provide this certainty for the Trustee and to complete a further transaction with the Scheme, which is now on the final stretch of its de-risking journey. We’re looking forward to working closely with the Trustee to convert both policies to buyout and to our in-house administration team welcoming the Scheme’s members as Legal & General policyholders.”

For further information:


Margrit Williams

Director of External Engagement

Legal & General Capital

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 FY23) 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.

As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

Institutional Retirement 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. Legal & General is the UK’s longest-standing active bulk annuity provider.

Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. Across the group over £30 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing. Legal & General provides income and pension security to more than a million retirement customers around the world.