Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c.£50 million full scheme buy-in with the Boots Supplementary Pension Plan (“the Plan”), covering the benefits of more than 110 pension members
12 Aug 2022
The sponsoring company, Boots (“the Sponsor”), is one of the largest retailers in the UK, providing services in health, beauty and pharmacy.
Legal & General has a long-standing relationship with Boots, having provided investment management services to the Plan for over 20 years.
Aon advised the Trustees on the transaction and legal advice was provided by Sackers. Clifford Chance provided legal advice to Legal & General.
Aysha Patel, New Business Origination Lead, UK PRT: “We are delighted to have agreed this transaction with the Trustees, with whom we have enjoyed a close relationship for more than 20 years. Our wide range of expertise across the Legal & General Group means we can help pension schemes throughout their de-risking journey to reach desired objectives. We look forward to continuing to build on our relationship with the Trustees and Sponsor."
Lisa Varley, Senior Consultant in Aon’s Risk Settlement Group: “This transaction represents an important move for the Trustees and sponsor in securing Plan members’ benefits. Despite a very busy market, we saw considerable appetite from insurers. The successful outcome illustrates that there are excellent opportunities for sub-£100M schemes, as long as insurers can see a clear line of sight to a successful transaction.”
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.