Press releases
Legal & General agrees c.£11m buyout with Cornish Mutual Assurance Company Limited Staff Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it agreed an c.£11 million buyout transaction in November 2021 with the Cornish Mutual Assurance Company Limited Staff Pension Scheme (“the Scheme”), securing the benefits of over 70 pension scheme members.
22 Feb 2022
The sponsoring company, Cornish Mutual, is a team of insurance professionals that aim to protect the rural farming community in the South-West.
The Scheme is an existing client of the Legal & General Group, having appointed Legal & General Investment Management (“LGIM”) as its asset manager in 2015.
Legal & General invests the premiums from the Pension Risk Transfer (“PRT”) transactions it agrees, into economically and socially useful assets such as housing, transport and infrastructure. The funds are pooled together, effectively allowing pension schemes to contribute towards green, sustainable investments to support the UK economy.
Dalriada Trustees developed and implemented an appropriate de-risking strategy, in collaboration with its advisers, to achieve the buyout transaction. Eversheds provided legal advice to the Trustee.
Julian Hobday, Director, Legal & General Retirement Institutional: “We are a whole of market provider, helping pension schemes of all sizes to de-risk and bring further security for their members. As a result of strong and professional collaboration, the buyout was efficiently transacted when favourable pricing arose. We look forward to welcoming our new policyholders to Legal & General after the completion of the 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 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 £72.4 billion as at 31 December 2022. 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.
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 longest-standing active UK provider of PRT, providing pension security for more than a million people around the world.
*at 31 Dec 2022