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."
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021