Investment - Articles - L and G complete bulk annuity deal with Maersk


Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £1.1 billion bulk annuity transaction with the Trustee of the Maersk Retirement Benefit Scheme (the “Scheme”), securing the benefits of around 1,900 deferred members and 3,000 retirees.

 In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its interest rate and inflation exposures. This well managed approach put the Scheme in a strong position to weather the recent market volatility and take advantage of an opportunity to further de-risk by entering into a buy-in transaction with Legal & General.

 Laura Mason, CEO, Legal & General Retirement Institutional: “We are delighted to have been chosen by the Trustee as its de-risking partner and to provide long-term security for all of the Scheme’s members. As one of the larger pension risk transfer transactions of 2020, today’s announcement demonstrates the resilience of the market and the ability of insurers, such as ourselves, to transact amidst a challenging economic environment.

 It also allows us to continue providing wider benefits for the UK economy as we invest responsibly in crucial areas, such as affordable housing, renewable energy and transport - benefitting our cities, future generations and society as a whole.”

 Nigel Pusey, Chair of Trustee, Maersk Retirement Benefit Scheme: “This is good news for Scheme members. After many years of careful management and de-risking we have now secured our members’ benefits through a buy-in with Legal & General. We were impressed with the flexibility and professionalism shown by Legal & General, alongside our advisers, to complete the transaction at a challenging time. We are very happy to have formed this partnership with Legal & General, which is an important next step in the Scheme’s de-risking journey and improves the security of benefits for all members”

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.