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
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.”
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 a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2022
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 £89 billion as at 9 March 2022, of which over £28 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.
*at 31 Dec 2021