Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £13 million bulk annuity transaction with the Brandsby Agricultural Trading Association Employees’ Superannuation Pension Scheme.
2 Jul 2020
This transaction secures the benefits of all 120 members of the Scheme.
The Scheme is an existing Legal & General Group client, with the Trustees having appointed Legal & General Investment Management (LGIM) as their fiduciary manager in 2018.
LGIM and the Trustees worked closely together to define their ultimate objective of buyout. LGIM then engaged its colleagues in Legal & General Retirement Institutional’s (LGRI) Pension Risk Transfer (PRT) team to monitor and move quickly to lock in the buyout at an achievable price point.
The Trustees were advised on the transaction by Mercer and Hill Dickinson.
Please find full press release below
Julian Hobday: "We are delighted to be able to provide security for all of Brandsby’s members during a time of market volatility. This transaction demonstrates our ability to work smoothly and quickly across different teams and departments within Legal & General so Trustees are able to benefit from the wide range of services we offer.
By using our extended expertise, as well as years of experience in supporting pension schemes of all sizes, we were able to support the Trustees with their objective of a buyout."
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021