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Legal & General agrees Pension Risk Transfer transactions for c.£800m with TUI Group UK Pension Trust
Buy-ins agreed for two of the Scheme’s sections
1 Jun 2021
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust (the “Scheme”).
The two transactions include a £610m partial buy-in for the BAL section and a £184m full buy-in for the TAPS section of the Scheme.
These transactions mark the Scheme’s first PRT transactions with Legal & General and cover two of the three pension sections within the Scheme.
The Trustee was advised on the transaction by LCP and legal advice was provided by Linklaters. TUI was advised by Isio and Herbert Smith Freehills. Legal advice was provided to Legal & General by Eversheds Sutherland.
Adrian Somerfield, Origination & Execution Director, Legal & General Retirement Institutional: "We are pleased to have insured two sections of the Scheme and hope that today’s announcement will provide additional reassurance and security to the pension scheme members. We look forward to continuing to work with the Trustee in the future."
Further information
Margrit Williams
Director of External Engagement
Legal & General Capital
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 management (as at HY24) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.
Institutional Retirement 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.