Legal & General agrees £12m buy-in with Royal National Mission to Deep Sea Fishermen Retirement Benefit Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £12 million bulk annuity transaction with the Royal National Mission to Deep Sea Fishermen Retirement Benefit Scheme (“the Scheme”), securing the benefits of around 90 pension scheme members.
The Scheme’s Sponsor, the Royal National Mission to Deep Sea Fishermen, is a charity providing practical and financial support to both active and retired fishermen.
Today’s announcement marks the Scheme’s first Pension Risk Transfer (“PRT”) transaction, which was agreed in November 2021. Legal & General is continuing to work closely with the Trustees towards buyout.
The Trustees worked with Legal & General on a sole insurer basis to enable the Scheme to take advantage of favourable pricing.
This transaction builds on Legal & General’s relationship with the Scheme, which has been a client of Legal & General Investment Management (“LGIM”) since 2017, through whom the Scheme has invested in liability driven investment (“LDI”) funds and self-sufficiency funds.
Broadstone Consultants & Actuaries Limited advised the Trustees on the transaction.
Paige Wilson, New Business Manager, Legal & General Retirement Institutional:"We are delighted to be able to further demonstrate our commitment to supporting smaller schemes on their de-risking journeys, as part of our whole of market capabilities. By working closely with the Trustees, across Legal & General, we were able to find the best way to help secure the benefits of its pension scheme members. We look forward to further building on our partnership with the Trustees as we work towards buyout.”
Further information
Stephanie Williams
Marketing Manager, Institutional Retirement
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.