27 May 2020
Legal & General completes £650 million bulk annuity transaction with the 3i Group Pension Plan
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a £650m buy-in with the Trustees of the 3i Group Pension Plan (the “Plan”).
The agreement provides a policy in respect of the Plan which matches the benefits of around 280 pensioners and 570 deferred members. It follows on from the two pensioner buy-ins previously undertaken by the Trustees (with Pension Insurance Corporation in 2017 and Legal & General in 2019) and means that the Plan is now fully insured through buy-in policies held as assets of the Plan. This final buy-in has been achieved without reliance on the sponsoring company, 3i Group, for any additional contribution.
Read the full press release via the link below
We are delighted to have continued our partnership with the 3i Group Pension Plan and help complete the final step of its de-risking journey, providing a solution that ensures the long-term benefits promised to its members are fully secured.
The successful conclusion of this transaction demonstrates the resilience and continued growth of the bulk annuity market and our sustained activity across all levels of transactions.
CEO, Legal & General Retirement Institutional