Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £1.1 billion bulk annuity transaction with the Trustee of the Maersk Retirement Benefit Scheme (the “Scheme”), securing the benefits of around 1,900 deferred members and 3,000 retirees.
16 Dec 2020
In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its interest rate and inflation exposures. This well managed approach put the Scheme in a strong position to weather the recent market volatility and take advantage of an opportunity to further de-risk by entering into a buy-in transaction with Legal & General.
Laura Mason, Chief Executive Officer, Legal & General Retirement Institutional: "We are delighted to have been chosen by the Trustee as its de-risking partner and to provide long-term security for all of the Scheme’s members. As one of the larger pension risk transfer transactions of 2020, today’s announcement demonstrates the resilience of the market and the ability of insurers, such as ourselves, to transact amidst a challenging economic environment.
It also allows us to continue providing wider benefits for the UK economy as we invest responsibly in crucial areas, such as affordable housing, renewable energy and transport - benefitting our cities, future generations and society as a whole."
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, 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 30 June 2021
Legal & General Retail Retirement’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’. The Division comprises the Group’s retirement savings and income, later life lending and care solutions businesses. In 2020, LGRR wrote £910 million of annuity premiums and issued £791 million of lifetime and retirement interest only mortgages.
(As of June 2021)