22 Feb 2019
Legal & General completes c.£0.5bn buy-in with the Pearson Pension Plan
Legal & General’s pre-agreed “umbrella contract” terms enable efficient follow up to 2017 buy-in transaction.
This buy-in covers approximately 2,200 current pensioner members and, alongside the transactions completed by the Plan in 2017, increases insurance coverage to approximately 50% of the Plan’s liabilities.
Legal & General provided a c£600m buy-in in 2017, covering approximately 2,400 members.
Full press release available via the link below
We are delighted to have been able to partner with the Plan to further improve the security of members’ benefits... Our longstanding relationship with the Plan across our business and wide-ranging expertise in respect of these structures have been important factors in developing this solution...
Chris DeMarco, Managing Director, UK Pension Risk Transfer