14 Jan 2021
Legal & General announces c£30 million bulk annuity with the Marie Curie defined benefit pension scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£30 million full scheme bulk annuity transaction with the Marie Curie defined benefit pension scheme (“the Scheme”).
This transaction, agreed early in January 2021, secures the benefits of over 300 retirees and deferred pensioners.
The Scheme is an existing client of Legal & General Investment Management Limited (“LGIM”), which has managed a proportion of the Scheme’s assets since 2010.
The Trustees were advised on the transaction by Aon and supported by Capita as administrators of the scheme. Legal advice was provided to the Trustees by Eversheds Sutherland and Sacker & Partners and to Legal & General by Clifford Chance.
I am pleased to announce our first pension risk transfer agreement of the new year, which will protect the benefits of over 300 members of the Marie Curie defined benefit pension scheme.
This transaction demonstrates the continued opportunity for pension schemes of all sizes to secure bulk annuity policies and deliver security for their members in these uncertain times.
2020 was a strong year for the pension risk transfer market and this transaction marks the start of another busy year ahead.
Rachel Cutts, Origination & Execution Director, Legal & General Retirement Institutional
For further information, please contact:
PR & Communications Director, Legal & General Retirement Institutional
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