Latest from L&G as they buy-in on Hitachi pension scheme;
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme (“the Scheme”).
This transaction, the Scheme’s first with Legal & General, covers the Scheme’s remaining uninsured deferred members and retirees since the Scheme underwent its first buy-in transaction with Scottish Widows in 2018.
By locking the transaction price to the assets of the Scheme, Legal & General was able to give the Trustee a high degree of transaction certainty whilst enabling them to take advantage of favourable pricing conditions and market capacity.
Gavin Smith, Pricing and Execution Director, UK PRT, Legal & General Retirement Institutional commented;
“We are pleased to have established this relationship with the Hitachi trustees and helped them secure their members’ long-term financial security. This buy-in, in particular, demonstrates our ability to insure pension schemes with a high proportion of deferred members, showing that pensions de-risking isn’t just the preserve of mature pension schemes. It also demonstrates the value to trustees and sponsoring companies of being able to move quickly when pricing conditions are favourable to secure their members’ benefits.”