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.

Download the full press release below

Laura Mason

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.

Laura Mason, CEO Legal & General Retirement Institutional

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