Press releases

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


Full press release

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

Margrit Williams

PR & Communications Director

Legal & General Retirement Institutional

T: +44 78 44 33 9222

Email Margrit Williams

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