Legal & General Group plc (“Legal & General”) have secured £490 million of members’ pension benefits through a buy-in transaction with The Trustee of the £3 billion Merchant Navy Officers Pension Fund (MNOPF).
11 Dec 2017
The MNOPF was an early and significant adopter of innovative de-risking transactions, having completed its first bulk annuity transaction back in 2009 with Lucida Limited, which was acquired by Legal & General in August 2013.
Today’s announcement follows a £1.5 billion longevity insurance transaction covering the benefits of the Fund’s “New Section” members in 2014, and the new buy-in arrangement covers all the Fund’s retirees since that date meaning the benefits of all current pensioners are now hedged against longevity risk.
Chris DeMarco, Managing Director of UK Pension Risk Transfer for Legal & General: Our relationship with the Trustee has been a long-standing one and we are pleased to be able to assist them in the next stage of their de-risking journey.