Legal & General agrees £285 million bulk annuity with a Fortune 500 company
Legal & General Assurance Society Limited (“Legal & General”) today announced that it has completed a £285 million bulk annuity transaction with a non-disclosed Fortune 500 multinational firm, covering around 1,100 members based in the UK.
The transaction was structured to allow the UK Trustees to lock into commercial terms for their full Scheme liabilities of around £300 million upfront, but with only around £250 million insured initially.
At that time, around 100 deferred members of the Scheme were still in the process of deciding whether to transfer their benefits out of the Scheme via an ongoing Enhanced Transfer Value (ETV) exercise. Within a month of the initial transaction, the Trustees confirmed to Legal & General which of the 100 members had not left the Scheme and they were then subsequently insured in a follow-on transaction.
Laura Mason, CEO Legal & General Retirement Institutional:"We are delighted to have completed this transaction... we were able to shape a transaction process that delivered price certainty to the Trustees whilst enabling them to offer flexibility to their scheme members."
Notes to editors
Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY25) of which c. 43% (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.