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Legal & General agrees second bulk annuity transaction with Triplex Lloyd Final Salary Plan
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.”
For 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.