Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed an £8 million buy-in with the Atkinson Northern Limited Retirement Benefits Scheme (“the Scheme”), covering the benefits of 45 pension scheme members.
28 Sep 2021
As part of the transaction, Legal & General will also take on the responsibility for payroll of the Scheme’s members by October 2021.
The transaction involved Legal & General locking in its price entirely to scheme assets in exclusivity. This provides certainty for the Trustees on the premium at the end of the exclusivity period and mitigates the risk of pricing diverging from the value of assets.
Legal & General is a whole of market provider, supporting schemes as small as its £2.5 million transaction with the BHS Senior Management Scheme announced in 2020, through to its £4.6 billion transaction with Rolls-Royce UK Pension Fund, announced in 2019.
The Trustees were advised on the transaction by XPS and legal advice was provided to the Trustees by Neon Legal.
Julian Hobday, Origination & Execution Director, Legal & General Retirement Institutional: “We are delighted to have helped the Scheme on its de-risking journey and provide security to its members. This transaction demonstrates our ability to provide peace of mind to pension schemes of all sizes and we look forward to working closely with the Trustees going forward.”
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