The deal is a buy-in, for around £230m in pension liabilities, covering specific scheme members.
Legal & General’s Pension Risk Transfer team has written over £1.1 billion of business during Q4 2015*. Pension scheme activity remained brisk over the quarter with transactions covering 13 schemes and more than 18,000 members.
Legal & General Retirement has internationalised its business in 2015, with entry into the US and European pension risk transfer markets. In October Legal & General announced its first pension risk transfer deal with the US subsidiary of Royal Philips for approximately $450 million, and in December it completed a €200 million reinsurance deal with ASR Nederland NV, a Dutch Insurer.
Kerrigan Procter, Managing Director of Legal & General Retirement, added:
"The deal signs-off an excellent year for the business, with our entry into the US and Dutch pension risk transfer markets, and our first medically underwritten bulk annuity deal completed. We enter 2016 with a strong international pipeline. I’m confident we’ll build on the success of 2015 next year. ”
Cheryl Agius, Strategic Pension Risk Transfer Director at Legal & General, said:
"We are delighted to be working together on pension risk transfer in this innovative way with our client and with their advisor. This deal is an exciting fusion of our enhanced annuity underwriting capability with our bulk annuity experience, and illustrates how we can offer further flexibility to our clients as they take steps to de-risk their defined benefit pension schemes."
