Press release

Legal & General announces £1.6billion buy-in with the National Grid UK Pension Scheme

Latest bulk annuity deal covers over 6,000 pensioner members from Section B of the Scheme

26 Nov 2019

The buy-in policy is in respect of Section B of the NGUKPS. The NGUKPS is a £20billion defined benefit pension scheme primarily for previous employees of the gas industry.

This buy-in will further protect the future funding of the Scheme by reducing the potential impact of changes in life expectancy and by removing financial risks such as interest rate and inflation changes.

Laura Mason, CEO, Legal & General Retirement Institutional: "We are delighted to have been able to work with the Trustees to complete this transaction. We were pleased to have been able to leverage our existing asset management mandate with the Scheme to ensure a smooth process and provide further security to the Scheme members."

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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