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Legal & General announces c£30 million bulk annuity with the Marie Curie defined benefit pension scheme
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."
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 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.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 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.