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Legal & General completes c.£930 million buy-in with the Tate & Lyle Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £930m full buy-in for the members of the Tate & Lyle Pension Scheme.
19 Sep 2019
This transaction covers around 4,800 members which, in addition to the 2012 transaction, means around 6,700 members are now covered by Legal & General in total.
Tate & Lyle has been in business for over 150 years and is now a global provider of solutions and ingredients for food, beverage and industrial markets.
Legal advice was provided to Legal & General by Macfarlanes. The Trustees were advised on the transaction by LCP and Linklaters.
Laura Mason, CEO Legal & General Retirement Institutional: "This transaction will support Tate & Lyle as it focuses on running its business, while ensuring that the long-term benefits promised to its pension scheme members are fulfilled."