9 Feb 2021
Legal & General announces £150 million PPF+ transaction with the Mowlem (1993) Pension Scheme
The transaction follows the liquidation of its sponsor, Sovereign Hospital Services Limited, part of the Carillion Group.
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £150 million PPF+ buyout transaction with the Trustee of the Mowlem (1993) Pension Scheme (“the Scheme”), securing the benefits of over 360 deferred members and 650 retirees.
The Scheme entered Pension Protection Fund (PPF) assessment in February 2018 following the liquidation of its sponsor, Sovereign Hospital Services Limited, which was part of the Carillion Group. This transaction, agreed in 2020, will enable the Trustee to secure benefits with Legal & General that are greater than those which would have been provided by the PPF.
The Trustee was advised on the transaction by Mercer. Legal advice was provided to the Trustee by Sackers and Clifford Chance provided legal advice to Legal & General.
We are pleased to have helped the Trustee secure benefits in excess of PPF levels for all scheme members. This transaction builds on our track record of working with schemes in PPF assessment to bring peace of mind to the members through having their benefits secured with a financially strong, household name insurer.
Julian Hobday, Origination and Execution Director, Legal & General Retirement Institutional
For further information, please contact:
PR & Communications Director, Legal & General Retirement Institutional
DB/Final Salary pension schemes de-risking -buy-ins, buy-outs, longevity insurance
Alternative de-risking solutions – APP, ISS
Pension scheme administration
(UK, USA, Canada, Bermuda and Ireland)