Anglo American Services UK has insured three of its pension funds in a combined buy-in transaction totalling £785m (€939m) with Legal & General.
The transaction, involving the Tarmac UK Pension Scheme, the Tarmac ‘B’ Pension Scheme, and the Anglo UK Pension Scheme, will secure the benefits of over 5,100 retirees and 2,500 deferred members.
L&G provided a price lock based on the pension funds’ assets throughout the transaction process, ensuring pricing certainty while the terms of the transaction were finalised.
Mercer acted as lead transaction adviser and advised the funds’ three trustee boards, with legal advice provided by Gowling WLG and Sackers. Clifford Chance provided legal advice to L&G.
This is L&G’s first publicly announced transaction of 2025, following strong global pension risk transfer volumes of £10.7bn in 2024.
L&G has completed £1.2bn in UK pension risk transfer transactions in 2025 and is actively pricing on £17bn of new deals. This £785m buy-in demonstrates continued momentum for L&G group’s growth strategy, it stated.
Keith Jackson and Tony Davies, respective chairs of the trustees of the funds, said: “The buy-ins are the culmination of many years of hard work as we implemented a long-term de-risking strategy, fully supported by Anglo American.”
The duo added that L&G was selected for a “number of qualitative factors”, including its long and successful track record in both the bulk and individual annuity business, financial strength and administration capabilities, with a deep-seated commitment to customer care.
Andrew Kail, chief executive officer of institutional retirement at L&G, said: “Helping these schemes achieve their endgame objectives marks a strong start to another busy year in the pension risk transfer market.
“We are committed to providing a secure home for the insured benefits of the schemes’ members and we look forward to supporting them in their retirement.”
Kail added that the outlook for this year remains “exceptionally positive”, adding that L&G’s pipeline “remains as strong as ever” across all sizes of transactions.
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Pamela is IPE's UK correspondent.
Before joining IPE in May 2023, she spent five years writing about the insurance industry.
During her career so far she won awards for Most Promising Newcomer in 2020 and Best Investigative Article in 2022 from the British Insurance Brokers Association, and was also highly commended at the WTW Media Awards for Insurance Features Journalist of The Year.View full Profile
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