Legal & General

No two DB pension schemes in the UK are the same

It is the insurer’s third APP transaction and the largest APP transaction to date

L&G insures the benefits of around 1,200 members after working with the scheme for 12 years

Deferred members comprised the majority of the insured 530-person cohort

But the targets are supported when explained, with many considering divestment around climate change

Bulk annuity transaction insures more than 80 members and prepares scheme for buyout

This week’s top stories included Barnett Waddingham’s appointment of eight partners, while British Airways Pensions announced the outsource of in-house investment operations to BlackRock.

Here it is, our monthly digest of the most important pension articles Professional Pensions has written and published over the last month, along with some contextual notes.

Global travel firm Tui has agreed two buy-ins worth a total of £794m with Legal & General (L&G) Assurance Society, insuring two sections of the Tui Group UK Pension Trust.

A Pfizer Group-sponsored defined benefit (DB) pension scheme has completed a £190m buy-in with Aviva, following a slow start to the year in bulk annuity business for the insurer.