Legal & General completes £1.1 billion bulk annuity with Maersk Retirement Benefit Scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £1.1 billion bulk annuity transaction with the Trustee of the Maersk Retirement Benefit Scheme (the “Scheme”), securing the benefits of around 1,900 deferred members and 3,000 retirees.

In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its interest rate and inflation exposures. This well managed approach put the Scheme in a strong position to weather the recent market volatility and take advantage of an opportunity to further de-risk by entering into a buy-in transaction
with Legal & General.

We are delighted to have been chosen by the Trustee as its de-risking partner and to provide long-term security for all of the Scheme’s members. As one of the larger pension risk transfer transactions of 2020, today’s announcement demonstrates the resilience of the market and the ability of insurers, such as
ourselves, to transact amidst a challenging economic environment.

It also allows us to continue providing wider benefits for the UK economy as we invest responsibly in crucial areas, such as affordable housing, renewable energy and transport - benefitting our cities, future generations and society as a whole.

Laura Mason, Chief Executive Officer, 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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