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L&G completes £1.1bn buy-in with SCA UK Pension Plan
Written by Adam Cadle
01/08/2024
L&G has completed a £1.1bn buy-in with the SCA UK Pension Plan, securing the benefits of 5,900 retirees and 3,600 deferred members.
The sponsoring company, Essity Holding UK Limited, is part of the Essity group which is a leading global hygiene and health company headquartered in Stockholm, Sweden.
Andrew Kail, CEO, L&G, institutional retirement, said: “We are very pleased to have agreed this buy-in today with the SCA UK Pension Plan, allowing us to deepen our existing relationship with the client and create greater security for its members.
"We are continuing to see an acceleration in demand across the sector with c.£1.4trn of DB pension scheme assets sitting on UK company balance sheets. Our long-standing relationships with clients, including through our asset management division, allows us to support pension schemes through their de-risking journey, working in collaboration with clients such as the SCA UK Pension Plan to maximise outcomes for plan members and trustees.”
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