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Legal & General agrees £50m buy-in for the Boots Supplementary Pension Plan
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.”
Further information
Stephanie Williams
Communications Specialist
LGRI
T: 07469 406866
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.