Press release

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

Email Margrit Williams

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.

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