Press release

Legal & General announces c£17m bulk annuity with John Good & Sons Limited Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£17 million full scheme buy-in transaction with John Good & Sons Limited Pension Scheme (“the Scheme”), covering the benefits for over 80 pension scheme members.

10 Jun 2021

Full press release

The Scheme is an existing Legal & General client, with the Trustee having appointed Legal & General Investment Management (“LGIM”) as its fund manager in 2003.

Transaction preparation was an important part of the process for the Scheme which involved thorough data cleansing and de-risking of the Scheme’s assets into LGIM’s Buyout Aware funds. These funds are specifically designed for schemes approaching buyout, with an investment strategy which aligns with factors that affect buyout pricing.

When market conditions moved favourably, the Scheme reacted quickly to enter a price lock to its LGIM Buyout Aware fund units. This process ensured that the Scheme had the price certainty it needed to then agree the terms of the buy-in and complete the transaction.

The Trustee was advised on the transaction by XPS Pensions Group, with legal advice provided by Arc Pensions Law.

Adrian Somerfield, Director, Legal & General Retirement Institutional: "This transaction is a great demonstration of the value which can be realised by using Legal & General’s group-wide expertise. We are delighted to have helped a long-standing client on their de-risking journey and look forward to continuing to build on this relationship as the scheme progresses to buyout."

Further information

Stephanie Williams

Marketing Manager

Institutional Retirement

T: +44 (0)7469 406866Email Stephanie Williams

Notes to editors

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

Related content

Press release

L&G expands index range with the launch of new infrastructure, bond, and equity index funds

Press release

Legal & General completes £370 million buy-in with the TUI Group UK Pension Trust

Legal & General Assurance Society Limited (“Legal & General”) has completed a £370 million buy-in with the BAL section of the TUI Group UK Pension Trust (“the Scheme”).

Press release

Legal & General steps up affordable housing push, raising £510m to tackle crisis head on

L&G has received £130m of new commitments, including £100m from London CIV, the investment pool for London Local Government Pension Schemes (LGPS), to invest in affordable housing nationally.