Reinsurance News

L&G in £4.4m pension buy-in with TEPS

12th May 2022 - Author: Jack Willard

Legal & General Assurance Society Limited  (L&G) has agreed a £4.4 million full-scheme buy-in with the Trans-European Port Services Limited (TEPS) 1974 Pension Scheme, securing the benefits for six pension scheme members.

Legal & GeneralThe transaction follows on from a c.£17m full scheme buy-in between L&G and the John Good & Sons Limited Pension Scheme, which was announced in June 2021, that covered benefits for over 80 pension scheme members.

The Trustees were advised on the transaction by XPS Pensions Group and legal advice was provided to the Trustees by Arc Pensions Law.

In addition, the Scheme is also a client of the Legal & General Group, having partnered with its Investment Management business, LGIM, as its fund manager in 2021.

Adrian Somerfield, Director, Legal & General Retirement Institutional, said: “Through our wide range of expertise, we were able to establish a strong partnership with the Trustees, ensuring an effective transaction with a second pension scheme within the overall Group. We look forward to continuing to work closely with the Trustees, further building on our relationship, as we move towards buyout and provide further security to the scheme members.”

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John Rutherford, Trustee, added: “The Trustees are very pleased to have secured the pension benefits of our members with Legal & General which is a strong leader in the industry and we are sure that this will give our members peace of mind.  We are grateful to our advisers, XPS Pensions Group, who have ably guided us to this successful outcome”.

Paula Haughton, XPS Pensions Group, Risk Settlement Team, commented: “We are delighted to have helped the Trustees achieve this full-scheme buy-in, providing additional security for their scheme members. This was a great example of approaching the market in the right way and demonstrates the benefits of carrying out thorough preparation in advance of approaching the insurers for a quotation.”

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