28 Sep 2021
Legal & General completes £8m buy-in with Atkinson Northern Limited
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed an £8 million buy-in with the Atkinson Northern Limited Retirement Benefits Scheme (“the Scheme”), covering the benefits of 45 pension scheme members.
As part of the transaction, Legal & General will also take on the responsibility for payroll of the Scheme’s members by October 2021.F
The transaction involved Legal & General locking in its price entirely to scheme assets in exclusivity. This provides certainty for the Trustees on the premium at the end of the exclusivity period and mitigates the risk of pricing diverging from the value of assets.
Legal & General is a whole of market provider, supporting schemes as small as its £2.5 million transaction with the BHS Senior Management Scheme announced in 2020, through to its £4.6 billion transaction with Rolls-Royce UK Pension Fund, announced in 2019.
The Trustees were advised on the transaction by XPS and legal advice was provided to the Trustees by Neon Legal.
We are delighted to have helped the Scheme on its de-risking journey and provide security to its members. This transaction demonstrates our ability to provide peace of mind to pension schemes of all sizes and we look forward to working closely with the Trustees going forward.
Julian Hobday, Origination & Execution Director, Legal & General Retirement Institutional