Press release

Legal & General completes c.£0.5bn buy-in with the Pearson Pension Plan

Legal & General’s pre-agreed “umbrella contract” terms enable efficient follow up to 2017 buy-in transaction.

22 Feb 2019

This buy-in covers approximately 2,200 current pensioner members and, alongside the transactions completed by the Plan in 2017, increases insurance coverage to approximately 50% of the Plan’s liabilities.

Legal & General provided a c£600m buy-in in 2017, covering approximately 2,400 members.

Chris DeMarco, Managing Director, UK Pension Risk Transfer: "We are delighted to have been able to partner with the Plan to further improve the security of members’ benefits... Our longstanding relationship with the Plan across our business and wide-ranging expertise in respect of these structures have been important factors in developing this solution..."

Further information

Margrit Williams

Director of External Engagement

Legal & General Capital

Email Margrit Williams

Notes to editors

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.

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

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