Press release

Legal & General agrees a c£650m buy-in with Mitchells & Butlers Executive Pension Plan

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£650 million full scheme buy-in with the Mitchells & Butlers Executive Pension Plan (“the Plan”), securing the benefits for all Plan members.

21 Dec 2021

Full press release

Busy restaurant chefs cooking in the kitchen

The sponsor, Mitchells & Butlers Plc, has a history dating back to 1898 and operates a number of the UK’s restaurants, pubs and bars, including Harvester and All Bar One.

Today’s announcement marks the Plan’s first pension risk transfer transaction after two years of preparation and price monitoring.

The Plan is an existing client of the Legal & General Group, with its investment management business (“LGIM”) providing management of the Plan’s Defined Contribution (DC) pension scheme assets.

The Trustees were advised on the transaction by XPS and legal advice to the Trustees was provided by Gowling WLG. Macfarlanes provided legal advice to Legal & General.

Celia Monteiro, Director, Legal & General Retirement Institutional: We are delighted to have been able to help the Mitchells & Butlers Executive Pension Plan secure their members’ benefits with us. We worked flexibly with the Trustees over a period of two years to monitor pricing and then helped them to move quickly once a transaction became affordable. This approach demonstrates the value that can be realised by engaging with insurers at an early stage and working with them to achieve a clearly defined pricing target.

For further information:

Margrit Williams

Director of External Engagement

Legal & General Capital

Email Margrit 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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