Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£30 million full scheme bulk annuity transaction with the Marie Curie defined benefit pension scheme (“the Scheme”).
14 Jan 2021
This transaction, agreed early in January 2021, secures the benefits of over 300 retirees and deferred pensioners.
The Scheme is an existing client of Legal & General Investment Management Limited (“LGIM”), which has managed a proportion of the Scheme’s assets since 2010.
The Trustees were advised on the transaction by Aon and supported by Capita as administrators of the scheme. Legal advice was provided to the Trustees by Eversheds Sutherland and Sacker & Partners and to Legal & General by Clifford Chance.
Rachel Cutts, Origination & Execution Director, Legal & General Retirement Institutional: "I am pleased to announce our first pension risk transfer agreement of the new year, which will protect the benefits of over 300 members of the Marie Curie defined benefit pension scheme.
This transaction demonstrates the continued opportunity for pension schemes of all sizes to secure bulk annuity policies and deliver security for their members in these uncertain times.
2020 was a strong year for the pension risk transfer market and this transaction marks the start of another busy year ahead."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% 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.
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. Including the premium to be received in relation to this transaction, LGRI has annuity assets estimated at £63bn.