Legal & General has agreed a £30 million full scheme bulk annuity transaction with the Marie Curie defined benefit pension scheme.
The transaction was agreed early in January 2021 and secures the benefits of over 300 retirees and deferred pensioners.
The scheme is an existing client of Legal & General Investment Management, which has managed a proportion of its assets since 2010.
Rachel Cutts, Origination & Execution Director, Legal & General Retirement Institutional, “ I am pleased to announce our first pension risk transfer agreement of the new year, which will protect the benefits of over 300 members of the Marie Curie defined benefit pension scheme.
“This transaction demonstrates the continued opportunity for pension schemes of all sizes to secure bulk annuity policies and deliver security for their members in these uncertain times.
“2020 was a strong year for the pension risk transfer market and this transaction marks the start of another busy year ahead.”
William Medlicott, Chair of Trustees of the Scheme, added, “We are very pleased to have secured the benefits of our members with Legal & General. The Scheme has worked with them over many years and we have found them to be an excellent partner.”
The trustees were advised on the transaction by Aon and supported by Capita as administrators of the scheme.
Stephen Purves, Partner, Aon, “Following a competitive bidding process using Aon’s Pathway service, the Trustees were able to quickly lock into attractive pricing – demonstrating the benefits of preparation, good governance and the use of a streamlined auction process.
“It is great news that the Trustees and Marie Curie have completed this major milestone in their journey to buy-out.”