Legal & General has announced the completion of a £230 million full-scheme buy-in with the Howden Group pension plan.
The transaction follows a previous £250 million deal for another UK based pension scheme in the Colfax Corporation group at the end of 2017.
Chris DeMarco, Managing Director, UK Pensions Risk Transfer said that through a close collaborative relationship with the Trustees and their advisers, the company was able to deliver a solution which mirrored some of the Plan’s more complex details, whilst providing the, “reassurance of the strength, experience and client service capabilities of Legal & General.”
L&G has insured benefits for all the plan’s members and will now work with the Trustees and their advisers to transfer responsibility for paying members’ benefits which will enable the Plan to complete its buyout.
