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."
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