Legal & General has completed a £130m buy-in transaction with the QinetiQ pension scheme, covering the benefits for over 390 new retirees since a previous buy-in in April 2019.
The deal marks the scheme’s first buy-in transaction with L&G and, as part of the agreement, an umbrella contract was established which enables future transactions to be completed quickly and easily on the same pre-agreed terms.
Andy Ryan, Pricing Strategy Director, Legal & General Retirement Institutional said, “This transaction demonstrates how an effective umbrella contract can be agreed as part of a pension scheme’s de-risking journey to enable efficient follow-on transactions.
“We look forward to continuing to build on our relationship with the Scheme and work with the Trustee to provide further security to scheme members.”
Lisa Mundy for BESTrustees which acts as Chair of Trustees, added, “This further step on the Scheme’s journey increases the security of the benefits of all our Scheme members.
With the support from our advisers, the Trustee was able to reduce the risks in the Scheme whilst also expanding our framework for future de-risking.”