-
Corporate
- Customers
Press releases
Legal & General announces £13 million buyout transaction with Brandsby Agricultural Trading Association
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."
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 FY23) 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 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.