Legal and General Assurance Society Limited has agreed a £35 million buyout for Edwards Wildman Palmer LLP’s UK pension scheme.
The scheme was an existing Legal & General client through its partnership with Legal & General Investment Management’s fiduciary management team.
L&G says it is one of the first schemes to have moved to buyout by leveraging the combined solution that the firm offers across its fiduciary management and buyout teams.
“This transaction is an example of our teams working seamlessly together to ensure that our customers can easily benefit from the full range of services we offer,” said Julian Hobday, Director, Pension Risk Transfer, Legal & General Retirement Institutional.
“Combining our buyout and fiduciary management propositions enabled us to leverage the breadth of Legal & General’s capabilities to achieve the Trustees’ objectives and smoothly transition to buyout. We are glad that the Trustees have decided to secure a buyout with us and we look forward to continuing to work with them.”
Sarah Aitken, Head of Distribution, Legal & General Investment Management, commented, “We are delighted to have worked with the Trustees on their journey to buyout.
“LGIM manages over £1 trillion of assets for institutional clients, and being able to offer our clients solutions combining Legal & General’s market leading expertise in both fiduciary management and bulk annuities to achieve their buyout objective is a truly unique offering not available elsewhere.”
Philip Bush, Chairman of the Trustees, Edwards Wildman Palmer LLP’s UK Pension Scheme, added, “The Trustees are pleased to have been able to provide our members with the long-term assurance the buyout with Legal & General provides.
“We have worked closely with the fiduciary management and buyout teams at Legal & General to develop our asset strategy to target buyout and their support allowed us to achieve our objective in a timely, efficient manner. We look forward to continuing to work with Legal & General as they take on responsibility for paying our members’ benefits.”