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Legal & General agrees £6.6m buy-in with Gordonstoun School Retirement Benefits Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £6.6 million full-scheme buy-in with Gordonstoun School (Gordonstoun Schools Limited) Retirement Benefits Scheme (“the Scheme”) in March 2022, securing the benefits for around 30 deferred members and 65 retirees.
14 Apr 2022
The Sponsor, Gordonstoun School, was founded in 1934 and is one of the UK’s leading full boarding schools, having educated three generations of the British royal family.
Legal & General Investment Management (“LGIM”) has managed investments for the Scheme since 1999 and as a result, the Trustees chose to work with Legal & General on a sole insurer basis.
Legal & General invests the premiums from pension buy-in and buyout transactions into assets that aim to deliver long-term returns to pay pensions, while making a positive impact in towns and communities across the UK.
The Trustees were advised on the transaction by Barnett Waddingham LLP and legal advice was provided to the Trustees by DWF LLP.
Matthew Pawar-Nelmes, New Business Manager, Legal & General Retirement Institutional: “Every pension scheme should be able to access the buy-in and buyout market irrespective of its size. That’s why we’re proud to be a whole of market provider, helping trustees and sponsoring companies settle their obligations and secure their members’ benefits with us. Our long-standing partnership with the Gordonstoun’s Trustees has meant we will continue to work seamlessly together as they move towards buyout.”
For 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.