Legal & General announces £275 million buy-in transaction for the Hitachi UK Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme (“the Scheme”).

This transaction, the Scheme’s first with Legal & General, covers the Scheme’s remaining uninsured deferred members and retirees since the Scheme underwent its first buy-in transaction with Scottish Widows in 2018.

By locking the transaction price to the assets of the Scheme, Legal & General was able to give the Trustee a high degree of transaction certainty whilst enabling them to take advantage of favourable pricing conditions and market capacity.

Find full press release below 

We are pleased to have established this relationship with the Hitachi trustees and helped them secure their members’ long-term financial security. This buy-in, in particular, demonstrates our ability to insure pension schemes with a high proportion of deferred members, showing that pensions de-risking isn’t just the preserve of mature pension schemes. It also demonstrates the value to trustees and sponsoring companies of being able to move quickly when pricing conditions are favourable to secure their members’ benefits.

Gavin Smith, Pricing and Execution Director, UK PRT, Legal & General Retirement Institutional

For further information, please contact:

Margrit Williams

PR & Communications Director, Legal & General Retirement Institutional

Contact for:

DB/Final Salary pension schemes de-risking -buy-ins, buy-outs, longevity insurance
Alternative de-risking solutions – APP, ISS
Pension scheme administration
Re-insurance
(UK, USA, Canada, Bermuda and Ireland)

T: +44 (0)20 3128 1299

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