Press release

Legal & General announces a c£310 million buy-in with Reuters Supplementary Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£310 million full-scheme buy-in transaction with the Reuters Supplementary Pension Scheme (“the Scheme”).

18 Nov 2021

Full press release

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The transaction is the Scheme’s first with Legal & General and involved the assessment and insurance of a complex multi-currency benefit structure.

The Scheme is sponsored by Refinitiv, a subsidiary of London Stock Exchange Group plc.

The Trustee was advised on the transaction by Aon and legal advice was provided by Sacker & Partners. The Sponsor was advised on the transaction by LCP and CMS and legal advice was provided to Legal & General by Slaughter & May.

Gavin Smith, Head of Pricing & Execution, Legal & General Retirement Institutional: “This transaction is a great demonstration of how innovation in the market can cater to each pension scheme’s specific needs. We are delighted that, through our innovative solutions, including giving the flexibility for the premium to be met through more than one payment, we have helped the Scheme towards its de-risking objectives.

In exchange for the premiums received we will provide payments to the Trustee of the Scheme in respect of members’ benefits, helping to ensure long-term security to its pension scheme members. We look forward to working closely with the Trustee on the Scheme’s journey.”

For 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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