Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £100 million bulk annuity transaction with the Trustee of the Countrywide Farmers Retirement Benefits Scheme (“the Scheme”), securing the benefits of 360 deferred members and 712 retirees.
30 Jul 2020
The Scheme entered Pension Protection Fund (PPF) assessment in March 2018 following the insolvency of Countrywide Farmers Plc. In November 2019 the Scheme exited PPF assessment as it had sufficient assets to fund the PPF’s levels of compensation.
This transaction has enabled the Trustee to secure benefits with Legal & General that are greater than those which would have been provided by the PPF. It also provides the flexibility for additional benefits to be secured in the future, as the Trustee expects to receive additional recoveries from the ongoing insolvency proceedings.
Please find full press release below
Rachel Cutts, Origination & Execution Director, Legal & General Retirement Institutional: "We are pleased that we have been able to deliver this transaction which provides greater financial security for the Scheme’s members. We have worked closely with LCP to develop an innovative solution for the Scheme, and we look forward to our continued work together with the Trustee and its advisers.
This transaction builds on Legal & General’s track record of delivering beneficial outcomes for members by enabling pension schemes to exit the PPF, which includes the £2.4 billion transaction with the Nortel Networks UK Pension Plan in 2018."
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