L&G agrees £13m buy-in with Jarvis Pension Plan

Written by Adam Cadle

20/10/2022

A £13m full scheme buy-in has been agreed between Legal & General (L&G) Assurance Society Limited and the Jarvis Limited Pension Plan.

The deal will secure the benefits of more than 90 members, including 72 retirees, with a price-tracking formula used by L&G to provide certainty to the plan while the terms were agreed.

K3 Advisory advised the trustees on the transaction and Shoosmiths provided legal advice.

The deal marks the first bulk annuity transaction for the scheme, which has been partnered with L&G's investment management business for more than 23 years.

The scheme's trustees will now work with L&G towards its target of reaching buyout within agreed timeframes.

L&G Retirement Institutional actuarial manager Matthew Dales added: “This transaction, which provides security for the retirements of more than 90 people, is the product of strong collaboration and clear communication among the trustees, their advisers and us.

“Our innovative price-tracking solution helped provide certainty to the trustees while we agreed the terms of the transaction, and we are now well-placed to help the plan towards its objective of buyout.”

There are no related documents to show at this time.

Portfolio optimisation in today’s challenging market environment

Adam Cadle speaks to Dr Laura Ryan, Head of Research at Ardea Investment Management, about the firm’s insurance asset allocation optimisation tool and the reasons for developing it

The role ETFs can play in the ESG journey for insurers

Justin Wheeler, Head of UK iShares Asset Owner Distribution at BlackRock, and Mark Guirey, Head of EMEA Insurance Segment and UK Asset Owner Client Coverage at MSCI, discuss the drivers behind growth in this area, market reactions to COVID-19, and the role of indexing