- DB/Final Salary pension schemes de-risking -buy-ins, buy-outs, longevity insurance
- Alternative de-risking solutions – APP, ISS
- Pension scheme administration
- Re-insurance
(UK, USA, Canada, Bermuda and Ireland)
Press release
Legal & General agrees c.£47m buy-in with Universal Office Supplies Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces it has agreed a c.£47 million buy-in with the Universal Office Supplies Pension Scheme (“the Scheme”), covering the benefits of over 175 deferred members and 85 retirees.
4 May 2022
Full press release
The Scheme’s sponsor is Staples UK Limited (“the Sponsor”), formerly a nationwide provider of stationery and office supplies.
This transaction was agreed as part of a collaborative sole insurer process that followed from wider de-risking discussions with the Trustee in relation to this Scheme. This allowed the Trustees the flexibility to split the transaction into two parts to accommodate specific asset disinvestment timescales. The first c.£42 million buy-in took place in October 2021 and was followed by a further c.£5 million buy-in in January 2022.
The transaction forms part of the sale of the wider Group’s European business and the Trustee will now work with Legal & General towards its target of reaching buyout within set timeframes.
Mercer and Shoosmiths advised the Trustee on this transaction. Linklaters and Eversheds also provided Legal advice to the Sponsor and Legal & General, respectively.
Frankie Borrell, Head of Client Solutions, Legal & General Retirement Institutional: We remain committed to being a whole of market de-risking provider that delivers attractive solutions for pension schemes of all sizes. By working with us on a focused, sole insurer basis, the Scheme was able to benefit from the increased flexibility of a two-stage transaction.We are delighted with the outcome that the Scheme’s members will now have greater security for their retirement.
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