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Legal & General announces £2.5 million transaction with the BHS Senior Management Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £2.5 million bulk annuity transaction with the Trustee of The BHS Senior Management Scheme (“the Scheme”), securing the remaining members’ benefits.
4 Nov 2020
British Home Stores (BHS) went into administration in April 2016, resulting in a Pension Protection Fund (PPF) assessment period.
This transaction has enabled the Scheme to exit the PPF’s assessment period, securing benefits in excess of the those payable from the PPF and providing additional certainty for the Scheme’s remaining members. The Scheme members will become Legal & General policyholders.
Aysha Patel, Origination and Execution Director, Legal & General Retirement Institutional: "Providing long-term financial security to pension scheme members is important to us and that is why we are pleased to have helped the BHS Senior Management Scheme secure the remaining members’ benefits. This transaction demonstrates how we can support pension schemes at the smaller end of the market to deliver beneficial outcomes for members and enable them to exit the PPF."
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.