Press release

Legal & General agrees a £49m buy-in transaction with Triumph International Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £49 million full-scheme buy-in transaction with the Triumph International Pension Scheme (“the Scheme”), covering around 140 deferred and 210 retired members.

17 Dec 2021

Full press release

The sponsoring company, Triumph International Limited, is one of the world’s leading underwear and lingerie brands, designing and distributing women's and men's underwear, leisurewear and sportswear.

Legal & General was able to work flexibly with the Trustees during the process to find the right solution for the Scheme. In this case, this meant enabling them to lock the price to the Scheme assets once the transaction had been agreed so that any risk of movement in pricing was mitigated for the Trustees once they entered exclusivity with Legal & General.

Legal & General is committed to its purpose of inclusive capitalism, using these and other scheme funds to create a better life for everyone by investing back into society, tackling social issues like the housing crisis and climate change. This benefits the economy, while generating the right level of returns needed to pay back the pension promises it takes on.

The Trustees were advised on the transaction by XPS.

Sabeen Iftikhar, New Business Actuary, Legal & General Retirement Institutional: “A key priority for us when negotiating transactions is to build confidence with trustees by finding the right solution to meet their de-risking objectives. Assurances, such as price locks, establish a strong relationship from the start and on this project enabled our team to work swiftly and smoothly with the Trustees to help them achieve their de-risking objectives.”

For further information:

Stephanie Williams

Marketing Manager

Institutional Retirement

T: +44 (0)7469 406866Email Stephanie Williams

Notes to editors

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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