Press releases

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

Full press release

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 over £1.2 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

*at 31 Dec 2022

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 UK Retirement annuity book stands at over £89 billion as at 9 March 2022, of which over £28 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.

Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.

*at 31 Dec 2021