Latest deal for L&G announced;
Legal & General Assurance Society Limited (“Legal & General”) today announces it has agreed a £400 million buy-in with the TT Group (1993) Pension Scheme (“the Scheme”), securing the benefits of circa 5,000 retirees and deferred members. The sponsoring company, TT Electronics plc (“the Sponsor”), is a global provider of design-led, advanced electronic technologies in aerospace and defence, healthcare and automation and electrification markets.
The Sponsor and TTG Pension Trustees Ltd (“the Trustee”) worked together for several years to prepare the Scheme to secure benefits with an insurer. This preparatory work allowed the Trustee to move quickly and lock into favourable market movements. The key to achieving this was Legal & General being able to closely link its price to the Scheme’s existing assets, giving the Trustee price certainty while the terms of the buy-in were being agreed.
Legal & General’s exceptional member experience capabilities was also cited as a key deciding factor in choosing an insurer.
The Sponsor and Trustee were advised on the transaction by Mercer, investment advice was provided to the Trustee by Schroders Solutions with legal advice provided by Mayer Brown and secretarial services and coordination by Pi Consulting. Eversheds provided legal advice to Legal & General.
Julian Hobday, Director, Legal & General Retirement Institutional
“Our tailored price locks provide price certainty for trustees, particularly during the current period of high market volatility. We’re pleased to have been able to provide this certainty to the Trustee on the latest stage of its de-risking journey. The success of this transaction is also further evidence of how important the member experience is for pension schemes looking to de-risk. We are extremely proud of the high level of service we offer at Legal & General and we look forward to welcoming the Scheme’s members.”