Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £760 million buy-in with the Sanofi Pension Scheme (“the Scheme”), securing the benefits of c2,900 retirees. Today’s transaction represents the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General, after being a long-term asset management client.
The Trustee was advised on the transaction by Aon and legal advice was provided by CMS. Legal & General received legal advice from Macfarlanes.
Gavin Smith, Head of Pricing & Execution, Legal & General Retirement Institutional
“It is always particularly rewarding to work with long-term clients like Sanofi and to enable them to further de-risk their Scheme. We take pride in providing certainty to trustees and members, and this agreement is another great example of our ability to support schemes at all stages of this journey.”
Lisa Shufflebottom, Trustee Secretary
“The Trustee, with support from Sanofi, is very pleased to have secured a buy-in transaction with Legal & General. This buy-in is an important step in our long-term strategy and significantly reduces risk in the Scheme, thereby providing greater certainty about the future costs of providing members’ pensions.”
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