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Legal & General announces £275 million buy-in transaction for the Hitachi UK Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme (“the Scheme”).
25 Aug 2020
This transaction, the Scheme’s first with Legal & General, covers the Scheme’s remaining uninsured deferred members and retirees since the Scheme underwent its first buy-in transaction with Scottish Widows in 2018.
By locking the transaction price to the assets of the Scheme, Legal & General was able to give the Trustee a high degree of transaction certainty whilst enabling them to take advantage of favourable pricing conditions and market capacity.
Gavin Smith, Pricing and Execution Director, UK PRT, Legal & General Retirement Institutional:"We are pleased to have established this relationship with the Hitachi trustees and helped them secure their members’ long-term financial security. This buy-in, in particular, demonstrates our ability to insure pension schemes with a high proportion of deferred members, showing that pensions de-risking isn’t just the preserve of mature pension schemes. It also demonstrates the value to trustees and sponsoring companies of being able to move quickly when pricing conditions are favourable to secure their members’ benefits."
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.