L&G agrees £18m buy-in with Sleepeezee pension scheme

Written by Jack Gray

18/04/2023

The Sleepeezee Retirement Benefits Plan 1975 has agreed a £18m buy-in with Legal & General (L&G), securing the benefits of around 200 retired and deferred members.

Included in the trustees’ work in preparation for the transaction was aligning the scheme’s assets more closely with the expected insurance pricing by transitioning into L&G Investment Management (LGIM) buyout aware funds.

PwC was appointed as specialist adviser by the trustees and sponsoring employer for the transaction, while Hogan Levells provided the trustees with legal advice.

L&G Retirement Institutional new business actuary, Rebecca Otter, commented that the “key” for smaller schemes entering the market is to ensure that they are well prepared.

“The preparation the trustees had carried out, combined with our streamlined approach, meant we were able to price the plan quickly, making the process seamless and straightforward,” she explained.

“It was great to work alongside an existing client of L&G to secure a transaction that protects the benefits of all members of the plan.”

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