Deal initially structured as buy-in before full handover to L&G expected next year
Covid-19 vaccine manufacturer’s scheme insures 2,900 pensioner members
Existing LGIM client agrees deal for 2,000 pensioner and deferred members
Deferred members comprised the majority of the insured 530-person cohort
Bulk annuity transaction insures more than 80 members and prepares scheme for buyout
Legal & General saw flat movements in operating profit over the course of 2020, and a fall in profit after tax, although its retirement and investment management businesses grew.
The Civil Aviation Authority (CAA) and Sydney Packett & Sons have agreed bulk annuity deals for their pension schemes with Legal & General (L&G) respectively.
The Hitachi UK Pension Scheme has agreed and completed a £275m buy-in deal with Legal & General (L&G) covering the remaining benefits in the scheme.
The Siemens Benefits Scheme has agreed a £530m buy-in with Legal & General (L&G), insuring the benefits of more than 2,300 pensioner members.
Legal & General has agreed two bulk annuity deals worth £116.2m with UK- and US-based IHS Markit schemes.