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 £1.2 trillion in total assets under management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also 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. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
1Data as at 31 December 2023.
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 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 UK’s longest-standing active bulk annuity provider.
Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. 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. Legal & General provides income and pension security to more than a million retirement customers around the world.