Legal & General Assurance Society has agreed a £50m (€59m) full scheme buy-in with the Boots Supplementary Pension Plan, covering the benefits of more than 110 members.
L&G has a long-standing relationship with Boots, having provided investment management services to the plan for more than two decades.
Aysha Patel, L&G’s new business origination lead for UK pension risk transfer, said: “We are delighted to have agreed this transaction with the trustees, with whom we have enjoyed a close relationship for more than 20 years.
”Our wide range of expertise across the Legal & General Group means we can help pension schemes throughout their de-risking journey to reach desired objectives. We look forward to continuing to build on our relationship with the trustees and sponsor.”
Lisa Varley, a senior consultant in Aon’s risk settlement group, which advised the trustees, said: “This transaction represents an important move for the trustees and sponsor in securing plan members’ benefits. Despite a very busy market, we saw considerable appetite from insurers.
”The successful outcome illustrates that there are excellent opportunities for sub-£100m schemes, as long as insurers can see a clear line of sight to a successful transaction.”
Read the digital edition of IPE’s latest magazine
No comments yet