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Legal & General announces £55m bulk annuity transaction with the pension scheme of the Chartered Insurance Institute
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."
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.
Institutional Retirement 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 Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level. Legal & General is the UK’s longest-standing active bulk annuity provider.
Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. Across the group over £30 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing. Legal & General provides income and pension security to more than a million retirement customers around the world.