Press releases
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
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
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 management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also 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. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
1Data as at 31 December 2023.
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 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.