Investment - Articles - L and G agrees buy in with Triumph International Pension


Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £49 million full-scheme buy-in transaction with the Triumph International Pension Scheme (“the Scheme”), covering around 140 deferred and 210 retired members.

 The sponsoring company, Triumph International Limited, is one of the world’s leading underwear and lingerie brands, designing and distributing women's and men's underwear, leisurewear and sportswear.
 
 Legal & General was able to work flexibly with the Trustees during the process to find the right solution for the Scheme. In this case, this meant enabling them to lock the price to the Scheme assets once the transaction had been agreed so that any risk of movement in pricing was mitigated for the Trustees once they entered exclusivity with Legal & General.
 
 Legal & General is committed to its purpose of inclusive capitalism, using these and other scheme funds to create a better life for everyone by investing back into society, tackling social issues like the housing crisis and climate change. This benefits the economy, while generating the right level of returns needed to pay back the pension promises it takes on.
 
 The Trustees were advised on the transaction by XPS.
 
 Sabeen Iftikhar, New Business Actuary, Legal & General Retirement Institutional: “A key priority for us when negotiating transactions is to build confidence with trustees by finding the right solution to meet their de-risking objectives. Assurances, such as price locks, establish a strong relationship from the start and on this project enabled our team to work swiftly and smoothly with the Trustees to help them achieve their de-risking objectives.”
 
 Louise McCalla, Chair of Trustees: “We were really pleased with the outcome of this project and to the extra security it brings to our 350 members. Our advisors were extremely helpful in assisting us through the process and we are pleased with the flexibility L&G was able to provide such that we could satisfy the needs of both the Trustees and the employer.”
 
 Ash Williams, Lead Broker, XPS Pensions Group: “After working with the Trustees over a number of years, we were pleased to be able to identify this market opportunity and help the Trustees to secure good terms with a market leading provider. Close monitoring of the bulk annuity market allowed the Trustees to transact several years earlier than originally planned.”
  

Back to Index


Similar News to this Story

Inheritance Tax raises almost GBP6 billion in 8 months
December’s update from HMRC shows that Inheritance Tax (IHT) receipts reached £5.7 billion through the first two-thirds of this financial year (April
PIC completes first Mosaic buyin with GCB Pension Fund
Pension Insurance Corporation plc (“PIC”) has concluded its first full scheme buy-in within Mosaic, PIC’s streamlined service for pension schemes with
Airways Pension Scheme complete longevity hedge with MetLife
The Trustees of the Airways Pension Scheme (“the Scheme”), Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc., (“MetLife”) and Z

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.