Legal & General (L&G) has agreed a £650 million full scheme buy-in with the Mitchells & Butlers Executive Pension Plan, securing the benefits for all plan members.
This announcement marks the Plan’s first pension risk transfer transaction after two years of preparation and price monitoring.
The plan is an existing client of the Legal & General Group, with its investment management business (LGIM) providing management of the Plan’s Defined Contribution (DC) pension scheme assets.
The Trustees were advised on the transaction by XPS and legal advice to the Trustees was provided by Gowling WLG. Macfarlanes provided legal advice to Legal & General.
Celia Monteiro, Director, Legal & General Retirement Institutional: We are delighted to have been able to help the Mitchells & Butlers Executive Pension Plan secure their members’ benefits with us.
“We worked flexibly with the Trustees over a period of two years to monitor pricing and then helped them to move quickly once a transaction became affordable.
“This approach demonstrates the value that can be realised by engaging with insurers at an early stage and working with them to achieve a clearly defined pricing target.”
