Legal & General Assurance Society Limited (L&G) has agreed a £49 million full-scheme buy-in transaction with the Triumph International Pension Scheme, covering around 140 deferred and 210 retired members.
The sponsoring company, Triumph International Limited designs and distributes women’s and men’s underwear, leisurewear and sportswear.
Legal & General agreed to lock the price to the Scheme assets once the transaction had been agreed so that any risk of movement in pricing was mitigated for the Trustees once they entered exclusivity with Legal & General.
“A key priority for us when negotiating transactions is to build confidence with trustees by finding the right solution to meet their de-risking objectives,” said Sabeen Iftikhar, New Business Actuary, Legal & General Retirement Institutional.
“Assurances, such as price locks, establish a strong relationship from the start and on this project enabled our team to work swiftly and smoothly with the Trustees to help them achieve their de-risking objectives.”
Louise McCalla, Chair of Trustees, also commented: “We were really pleased with the outcome of this project and to the extra security it brings to our 350 members. Our advisors were extremely helpful in assisting us through the process and we are pleased with the flexibility L&G was able to provide such that we could satisfy the needs of both the Trustees and the employer.”
Ash Williams, Lead Broker, XPS Pensions Group, added: “After working with the Trustees over a number of years, we were pleased to be able to identify this market opportunity and help the Trustees to secure good terms with a market leading provider. Close monitoring of the bulk annuity market allowed the Trustees to transact several years earlier than originally planned.”
