Legal & General agrees £225m buy-in with Newell Rubbermaid UK Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces it agreed a £225 million buy-in in February with the Combined Newell and Record Section of the Newell Rubbermaid UK Pension Scheme (“the Scheme”). The transaction secures the benefits of more than 800 retirees and 900 deferred members.
The sponsoring company, Newell Brands (formerly Newell Rubbermaid; NASDAQ: NWL), is a leading global consumer goods company with a strong portfolio of well-known brands across several business units including writing, food and home fragrance.
Today’s transaction represents the Scheme’s second buy-in policy with Legal & General. It follows an existing buy-in with the Combined Parker and Sanford Section of the Scheme.
After being selected as preferred insurer in December 2021, Legal & General provided a price lock to the value of the Scheme’s portfolio of gilts. This gave the Scheme price certainty over the year-end and into 2022, while the terms of the buy-in were being agreed.
The sponsor and Trustee were advised on the transaction by Aon and legal advice was provided to the Trustee by Pinsent Masons. Clifford Chance provided legal advice to Legal & General.
Rachel Cutts, Director, Legal & General Retirement Institutional:"Our tailored price locks provide price certainty for trustees, particularly during the current period of high market volatility. We’re pleased to have been able to provide this certainty for the Trustee and to complete a further transaction with the Scheme, which is now on the final stretch of its de-risking journey. We’re looking forward to working closely with the Trustee to convert both policies to buyout and to our in-house administration team welcoming the Scheme’s members as Legal & General policyholders.”
Further information
Margrit Williams
Director of External Engagement, Legal & General Capital
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.