Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £650m buy-in with the Trustees of the 3i Group Pension Plan (the “Plan”).
27 May 2020
The agreement provides a policy in respect of the Plan which matches the benefits of around 280 pensioners and 570 deferred members. It follows on from the two pensioner buy-ins previously undertaken by the Trustees (with Pension Insurance Corporation in 2017 and Legal & General in 2019) and means that the Plan is now fully insured through buy-in policies held as assets of the Plan. This final buy-in has been achieved without reliance on the sponsoring company, 3i Group, for any additional contribution.
Laura Mason: "We are delighted to have continued our partnership with the 3i Group Pension Plan and help complete the final step of its de-risking journey, providing a solution that ensures the long-term benefits promised to its members are fully secured.
The successful conclusion of this transaction demonstrates the resilience and continued growth of the bulk annuity market and our sustained activity across all levels of transactions."
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 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 £85 billion as at 30 June 2021, of which over £25 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.
(As of June 2021)