Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £13 million bulk annuity transaction with the Brandsby Agricultural Trading Association Employees’ Superannuation Pension Scheme.
2 Jul 2020
This transaction secures the benefits of all 120 members of the Scheme.
The Scheme is an existing Legal & General Group client, with the Trustees having appointed Legal & General Investment Management (LGIM) as their fiduciary manager in 2018.
LGIM and the Trustees worked closely together to define their ultimate objective of buyout. LGIM then engaged its colleagues in Legal & General Retirement Institutional’s (LGRI) Pension Risk Transfer (PRT) team to monitor and move quickly to lock in the buyout at an achievable price point.
The Trustees were advised on the transaction by Mercer and Hill Dickinson.
Please find full press release below
Julian Hobday: "We are delighted to be able to provide security for all of Brandsby’s members during a time of market volatility. This transaction demonstrates our ability to work smoothly and quickly across different teams and departments within Legal & General so Trustees are able to benefit from the wide range of services we offer.
By using our extended expertise, as well as years of experience in supporting pension schemes of all sizes, we were able to support the Trustees with their objective of a buyout."
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