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..."