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
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.”
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.
*as at HY 2023
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. Legal & General is the UK’s longest-standing active bulk annuity provider.
Our UK Retirement annuity book stands at £72.6 billion as at 30 June 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.
*as at HY 2023