Press release

Legal & General completes £8m buy-in with Atkinson Northern Limited

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 Sept 2021

Full press release

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.”

For further information

Stephanie Williams

Marketing Manager

Institutional Retirement

T: +44 (0)7469 406866Email Stephanie Williams

Notes to editors

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

Related content

Two women working on their financial accounts, with one seated on a sofa and the other on a chair, both focused on reviewing paperwork.

Press release

The Divorce Gap – women see their household income cut in half in the year after a divorce

Women’s incomes cut in half following a split – leaving them financially vulnerable (24%) and struggling to meet the cost of essentials (19%) and this can impact retirement.

Senior woman holding a smartphone while looking out a window in her home office.

Press release

L&G’s new Guided Retirement Planner aims to help members navigate the “lottery effect” at retirement

Legal & General (‘L&G’) has seen positive early momentum for its new Guided Retirement Planner, which aims to help deliver better outcomes for its 5.5 million DC workplace members when they reach retirement age.

Press release

One in 10 couples who split over the age of 50 use property wealth to fund the cost of divorce

Property is the priority asset up for discussion at the point of divorce for over 50s (60%).