Press releases

Legal & General agrees £760m buy-in with Sanofi Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £760 million buy-in with the Sanofi Pension Scheme (“the Scheme”), securing the benefits of c2,900 retirees.

12 Oct 2021


Full press release

Today’s transaction represents the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General, after being a long-term asset management client.

The Trustee was advised on the transaction by Aon and legal advice was provided by CMS. Legal & General received legal advice from Macfarlanes.

Gavin Smith, Head of Pricing & Execution, Legal & General Retirement Institutional: “It is always particularly rewarding to work with long-term clients like Sanofi and to enable them to further de-risk their Scheme. We take pride in providing certainty to trustees and members, and this agreement is another great example of our ability to support schemes at all stages of this journey.”

For further information:

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Margrit Williams

PR & Communications Director

Legal & General Retirement Institutional

T: +44 78 44 33 9222

Email Margrit Williams

Notes to editors:

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

* at 30 June 2021

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 UK Retirement annuity book stands at over £85 billion as at 30 June 2021, of which over £25 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.

Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.

(As of June 2021)