The latest pension fund deal from L&G;
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £12 million bulk annuity transaction with the Royal National Mission to Deep Sea Fishermen Retirement Benefit Scheme (“the Scheme”), securing the benefits of around 90 pension scheme members.
The Scheme’s Sponsor, the Royal National Mission to Deep Sea Fishermen, is a charity providing practical and financial support to both active and retired fishermen. Today’s announcement marks the Scheme’s first Pension Risk Transfer (“PRT”) transaction, which was agreed in November 2021. Legal & General is continuing to work closely with the Trustees towards buyout. The Trustees worked with Legal & General on a sole insurer basis to enable the Scheme to take advantage of favourable pricing in the market.
This transaction builds on Legal & General’s relationship with the Scheme, which has been a client of Legal & General Investment Management (“LGIM”) since 2017, through whom the Scheme has invested in liability driven investment (“LDI”) funds and self-sufficiency funds.
Broadstone Consultants & Actuaries Limited advised the Trustees on the transaction.
Paige Wilson, New Business Manager, Legal & General Retirement Institutional
“ We are delighted to be able to further demonstrate our commitment to supporting smaller schemes on their de-risking journeys, as part of our whole of market capabilities. By working closely with the Trustees, across Legal & General, we were able to find the best way to help secure the benefits of its pension scheme members. We look forward to further building on our partnership with the Trustees as we work towards buyout.”
Nigel Jones, Director of Consultancy and Actuarial at Broadstone
“We’re really pleased to see this transaction take place. It is encouraging that Legal & General were able to offer very competitive terms and that we could help another one of our clients secure their scheme benefits on behalf of their members. Our SM&RT Insure process is built around helping schemes of all sizes prepare for the insurance market in a cost effective manner and to demonstrate to insurers that they are transaction ready.”
Sir Jeremy de Halpert, Chair of Trustees
‘‘We are delighted to have completed this transaction with Legal & General, which is the next step on the path to securing the Scheme’s liabilities and achieving greater certainty for our members. Given the charitable status of the Mission, it was important that this deal represented good value to the Scheme and the employer. This meant that the premium had to be competitive and that we were able to transact in a cost-effective manner.”