Legal & General completes £900mn buy-in with ICI Pension

By Taaza Facts

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Legal & General Assurance Society Limited has completed an approximately £900 million buy-in with the ICI Pension Fund, securing the benefits of over 7,000 retirees.

This announcement marks the 12th transaction since the ICI Pension entered into an umbrella agreement with Legal & General in 2014, which to date, has completed transactions totalling £7 billion in aggregate with the ICI and covers around 70% of its total liabilities.

Andrew Kail, Chief Executive Officer, Legal & General Retirement Institutional, commented: “We are pleased to have deepened our relationship with the ICI Pension Fund in the most recent transaction.

“It falls almost ten years to the day since the Fund’s initial ground-breaking transaction with us in 2014 and highlights how well advised pension schemes can achieve great results when they have a deep, collaborative, and trusted relationship with an insurer. We look forward to continuing to work closely with the Fund to secure its members’ pension liabilities.”

Legal & General’s long-standing relationship and collaborative approach with ICI ensured a smooth and efficient transaction to meet its de-risking objectives.

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LCP and Allen, Overy have advised the Trustee of the Fund on all twelve of the Fund’s buy-ins with Legal & General, Macfarlanes provided legal advice to Legal & General.

Heath Mottram, Chief Executive, Pensions Secretariat Services Limited, commented: “The Trustee of the ICI Pension Fund is delighted to have completed this further buy-in transaction with Legal & General. The Trustee values its ongoing relationship with Legal & General as it continues its journey to secure the benefits of all of the members of the ICI Pension Fund.”

Clive Wellsteed, Partner, Lane Clark & Peacock LLP, concluded: “In a busy market dominated by full buy-ins, this pensioner-only transaction shows how a well-prepared scheme with a de-risked investment strategy can successfully insure benefits over time to achieve its objectives.

“This transaction was the 12th buy-in for the Fund with L&G, almost 10 years to the day since the Trustee completed its initial record-breaking £3bn transaction with L&G in 2014.”

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Taaza Facts

I am a multifaceted content creator with expertise in blogging, Finance, and Cryptocurrency reviews. My creative journey involves weaving captivating stories in blogs, designing aesthetically pleasing and functional websites, and dissecting the nuances of cinema. We are dedicated to sharing our passion and insights with a global audience.

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