Reinsurance News

Legal & General agrees £11m pension buyout

22nd February 2022 - Author: Pete Carvill

Legal & General has agreed to an £11m buyout transaction with the Cornish Mutual Assurance Company Limited Staff Pension Scheme.

Legal_&_GeneralThe buyout involves the benefits of more than 70 pension scheme members. An existing relationship between the two started in 2015 when Legal & General Investment Management become the scheme’s asset manager.

The news follows the insurer’s buyout of the Triplex Lloyd Final Salary Pension Plan at the end of January. That was for a much-bigger transaction of £75m, itself dwarfed by the company’s buy-in with Selecta UK in September.

Julian Hobday, director, Legal & General Retirement Institutional, said of the latest pension scheme buyout: “We are a whole of market provider, helping pension schemes of all sizes to de-risk and bring further security for their members. As a result of strong and professional collaboration, the buyout was efficiently transacted when favourable pricing arose. We look forward to welcoming our new policyholders to Legal & General after the completion of the buyout.”

Dalriada Trustees developed and implemented an appropriate de-risking strategy, in collaboration with its advisers, to achieve the buyout transaction. Eversheds provided legal advice to the Trustee.

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