Anglo American completed buy-ins totalling £785 million ($1 billion) with Legal & General, according to a news release.
The buy-ins were across three pension plans sponsored by Anglo American: The Tarmac U.K. Pension Scheme, the Tarmac ‘B’ Pension Scheme and the Anglo U.K. Pension Scheme, London. The buy-ins were completed as part of a combined transaction.
Anglo American is a U.K. multinational mining company, and is the world's largest producer of platinum, responsible for around 40% of global output.
The plan buy-ins secure the benefits of over 5,100 plan participants and 2,500 deferred members. The deal marks L&G’s first publicly announced transaction of 2025.
“The buy-ins are the culmination of many years of hard work as we implemented a long-term derisking strategy, fully supported by Anglo American,” said Keith Jackson and Tony Davies, respective chairs of the trustees of Tarmac 'B' Pension Scheme and Tarmac U.K Pension Scheme, said in the news release.
“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,” they continued.
Mercer was lead transaction adviser and advised the plan’s trustee boards, with legal advice provided by Gowling WLG and Sackers. Clifford Chance provided legal advice to L&G.
