Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £55m full scheme buy-in, with the Chartered Insurance Institute Pension Scheme 1993 (“the Scheme”). The transaction covers the benefits of approximately 330 Scheme members, including around 150 current pensioners.
20 May 2021
The Scheme’s sponsor, the Chartered Insurance Institute (“the Institute”), is a professional body dedicated to building trust in the insurance and financial planning profession.
Today’s announcement marks a significant milestone in the Scheme’s de-risking journey and is the culmination of several year’s planning and collaboration between the Trustees, the Institute and advisors Mercer. The Scheme, with the support of Legal & General, will now be taking the next steps to finalise the buy-in policy.
The Trustees were advised on the transaction by Mercer, with legal advice provided to the Trustees by Stephenson Harwood.
Julian Hobday, Origination & Execution Director of Legal & General Retirement Institutional: "We are delighted to have been chosen by the Trustees to secure their members’ benefits and we look forward to working with them as they move towards buyout. Once again, we have demonstrated Legal & General’s ability to provide effective de-risking solutions for schemes of all sizes."
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
Legal & General Retirement Institutional (LGRI) works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions.
Our UK Retirement annuity book stands at over £89 billion as at 9 March 2022, of which over £28 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.
Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.
(As of 31 Dec 2021)