Legal & General has completed a £650 million buy-in with the trustees of the 3i Group Pension Plan, while Aviva has finalised a £95 million bulk purchase annuity transaction with the sole corporate trustee of the British Bankers’ Association Pension Scheme – LawDeb Pension Trustees.
Aviva will be insuring the defined benefit pension liabilities of all 213 members, who will see no change in the amount of their benefits or the way in which they are paid. The Legal & General deal, on the other hand, matches the benefits of around 280 pensioners and 570 deferred members.
“We are delighted to have continued our partnership with the 3i Group Pension Plan and help complete the final step of its de-risking journey, providing a solution that ensures the long-term benefits promised to its members are fully secured,” commented Laura Mason, chief executive of Legal & General Retirement Institutional.
As for the LawDeb Pension Trustees transaction, Aviva’s bulk purchase annuity origination head Jamie Cole said it demonstrates that smaller schemes can access attractive pricing despite recent market volatility when they are well prepared and supported by an efficient process.
