Press release

Legal & General agrees £4.4m buy-in with Trans-European Port Services Limited 1974 Pension Scheme ("TEPS")

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £4.4 million full-scheme buy-in with the Trans-European Port Services Limited 1974 Pension Scheme ("TEPS") (“the Scheme”), securing the benefits for six pension scheme members.

12 May 2022

Full press release

The Sponsor, Trans-European Port Services (GB) Limited, a subsidiary business to John Good & Sons Limited, was established in 1959 and its business lines are haulage, warehousing and container storage.

This transaction follows on from a c.£17m full scheme buy-in between Legal & General and the John Good & Sons Limited Pension Scheme, announced in June 2021, that covered benefits for over 80 pension scheme members.

The Scheme is also a client of the Legal & General Group, having partnered with its Investment Management business (“LGIM”) as its fund manager in 2021.

The Trustees were advised on the transaction by XPS Pensions Group and legal advice was provided to the Trustees by Arc Pensions Law.

Adrian Somerfield, Director, Legal & General Retirement Institutional: “Through our wide range of expertise, we were able to establish a strong partnership with the Trustees, ensuring an effective transaction with a second pension scheme within the overall Group. We look forward to continuing to work closely with the Trustees, further building on our relationship, as we move towards buyout and provide further security to the scheme members.”

For further information:

Stephanie Williams

Marketing Manager

Institutional Retirement

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

Notes to editors

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. 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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