Press release

Legal & General announces £385 million buy-in transaction with the Northern Gas Networks Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £385 million buy-in transaction with the Northern Gas Networks Pension Scheme (“the Scheme”), securing the pension benefits of more than 600 retirees.

10 Dec 2020

Full press release

Northern Gas Networks (NGN) is the gas distributor for the North of England, transporting gas to 2.7 million homes and businesses across the North East, most of Yorkshire and northern Cumbria.

The Scheme is an existing client of Legal & General, with Legal & General Investment Management (LGIM) having managed a proportion of the Scheme’s assets since the Scheme was established in 2005. This transaction is the Scheme’s first buy-in policy and covers around two thirds of its members.

By being prepared, and able to move quickly, the Trustee and NGN were able to take advantage of favourable market conditions to establish the buy-in. Legal & General’s price lock, while the legal agreement was progressed, gave the Trustee a high degree of price and execution certainty prior to completion of the transaction.

Rachel Cutts, Director, Legal & General Retirement Institutional: "We are delighted to have completed this transaction, which provides further financial security to the members of the Northern Gas Networks Pension Scheme. This transaction demonstrates that by having a clear objective and flexible timescales, trustees can move quickly and secure their members’ benefits when favourable pricing is available. It builds on the Legal & General Group’s existing relationship with the Scheme and we look forward to continuing to work with the Scheme in the coming years."

Further information

Margrit Williams

Director of External Engagement

Legal & General Capital

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 £1.2 trillion in total assets under management (as at HY24) 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.

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