Reinsurance News

Legal & General completes £75m pension bulk annuity transaction

28th January 2022 - Author: Pete Carvill

Legal & General has agreed a bulk annuity transaction for the Triplex Lloyd Final Salary Plan.

Legal_&_GeneralThe transaction, valued at around £75m, will secure benefits for around 300 deferred members and 800 retirees, the insurer said in a statement.

Adrian Somerfield, director of Legal & General Retirement Institutional, said: “Working with the Trustees we have now been able to provide security for over 3,000 scheme members. As the Plan moves towards buyout, our in-house client service team will proceed towards welcoming all their members as Legal & General pension policyholders.”

The two entities completed a larger transaction, valued at around £175m in 2018. That transaction covered more than 600 deferred members and 1,400 retirees. According to Legal & General, the transactions cover two different sections of the Plan, which is now fully insured.

This deal with Triplex Lloyd is one of several transactions completed by L&G since its £760m with the Sanofi Pension Scheme in October. That deal, said the insurer, would result in the securing of benefits for 2,900 retirees.

That itself followed a £250m buy-in transaction with the Selecta UK Pension Plan in September.

The transaction in today’s announcement was advised by XPS, with legal advice to the trustees from Burges Salmon.

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