Press releases

Legal & General announces £150 million PPF+ transaction with the Mowlem (1993) Pension Scheme

The transaction follows the liquidation of its sponsor, Sovereign Hospital Services Limited, part of the Carillion Group.

9 Feb 2021

Full press release

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £150 million PPF+ buyout transaction with the Trustee of the Mowlem (1993) Pension Scheme (“the Scheme”), securing the benefits of over 360 deferred members and 650 retirees.

The Scheme entered Pension Protection Fund (PPF) assessment in February 2018 following the liquidation of its sponsor, Sovereign Hospital Services Limited, which was part of the Carillion Group. This transaction, agreed in 2020, will enable the Trustee to secure benefits with Legal & General that are greater than those which would have been provided by the PPF.

The Trustee was advised on the transaction by Mercer. Legal advice was provided to the Trustee by Sackers and Clifford Chance provided legal advice to Legal & General.

Julian Hobday, Origination and Execution Director, Legal & General Retirement Institutional: "We are pleased to have helped the Trustee secure benefits in excess of PPF levels for all scheme members. This transaction builds on our track record of working with schemes in PPF assessment to bring peace of mind to the members through having their benefits secured with a financially strong, household name insurer."

Further information


Margrit Williams

Director of External Engagement

Legal & General Capital

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 £1.2 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 2022

Legal & General Retirement Institutional (LGRI) works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions.

Our UK Retirement annuity book stands at over £89 billion as at 9 March 2022, of which over £28 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.

Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.

*at 31 Dec 2021