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