c£75m buy-in follows a c£175m buyout in 2018 with the same scheme
28 Jan 2022
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£75 million bulk annuity transaction for the Doncasters Section of the Triplex Lloyd Final Salary Plan (“the Plan”), securing the benefits for around 300 deferred members and 800 retirees.
Today’s announcement marks Legal & General’s second transaction with Doncasters Limited (“the Sponsor”), following a c£175 million buyout completed for the Triplex Section of the Plan in 2018, which covered over 600 deferred members and 1,400 retirees. The transactions cover two different sections of the Plan, which is now fully insured.
The Sponsor is a leading international manufacturer of high-precision alloy components for aerospace, industrial gas turbine, specialist automotive and petrochemical markets.
The Plan was an existing client of Legal & General’s investment management business (“LGIM”), which enabled the Trustees to price-lock the LGIM invested funds, ensuring price certainty when favourable market conditions arose.
The Trustees were advised on the transaction by XPS and legal advice was provided to the Trustees by Burges Salmon.
Adrian Somerfield, Director, Legal & General Retirement Institutional "Long-term trust and partnership are the foundations of our business, and we are delighted to have worked over the years, and across Legal & General, to help the Trustees of the Triplex Lloyd Plan achieve their de-risking objectives. Working with the Trustees we have now been able to provide security for over 3,000 scheme members.
When the Plan moves towards buyout, our in-house client service team will proceed towards welcoming all their members as Legal & General pension policyholders.”
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 39% 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.
*as at HY 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 £72.6 billion as at 30 June 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.
*as at HY 2023