- DB/Final Salary pension schemes de-risking -buy-ins, buy-outs, longevity insurance
- Alternative de-risking solutions – APP, ISS
- Pension scheme administration
- Re-insurance
(UK, USA, Canada, Bermuda and Ireland)
Press release
Legal & General agrees £30m buy-in with John Townsend Trust Pension and Assurance Scheme
PPF+ transaction provides further security for all scheme members.
2 Nov 2021
Full press release
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £30 million full scheme buy-in transaction with the John Townsend Trust Pension and Assurance Scheme (“the Scheme”), covering the benefits of over 280 pension scheme members.
The Scheme entered Pension Protection Fund (PPF) assessment in December 2015, following the insolvency of Sponsor, John Townsend Trust, a charity that provided education and care to deaf children and young people. This type of PPF+ transaction enables the Trustees to secure benefits for the Scheme’s members at or above the level of compensation that would have been provided by the PPF.
This transaction is a further demonstration of Legal & General’s expertise in delivering beneficial outcomes for members by enabling pension schemes to ‘exit’ the PPF with a Pension Risk Transfer solution.
Independent company, Open Trustees, was advised on the transaction by Barnett Waddingham LLP and legal advice was provided to Open Trustees by Gowling LLP.
Adrian Somerfield, Director, Legal & General Retirement Institutional: “Being able to help pension schemes whose sponsors have become insolvent is extremely rewarding and we are delighted to have helped the Trustees secure a transaction which provides long-term security to the Scheme’s members. This transaction is a great demonstration of how we can assist pension schemes exit PPF assessment and move to buyout with an insurance company.”
For further information:
