Legal & General Group U.K. Senior Pension Scheme, London, completed a £400 million ($547 million) derisking deal with Legal & General, according to Chris Martin, chairman of Independent Trustee Services, trustee to the pension fund.
The plan's first assured payment policy, similar to a U.S. group annuity — which insures against risks such as changes in asset yields, interest rates and inflation — covers 200 participants who are yet to retire and 385 participants who have already retired.
The trustee was advised by consultants Lane, Clark & Peacock as well as Redington; law firm Gowling WLG and benefits adviser Premier Pensions. Law firm Clifford Chance provided legal advice to Legal & General.
"The APP represents a very significant moment in the scheme's lifetime as we move closer to securing our members' benefits. We were very grateful to our advisers LCP, Gowling WLG, Redington and Premier Pensions for their guidance and support through this transaction," Mr. Martin said in a news release Tuesday.
