Legal & General agrees £225m buy-in with Newell Rubbermaid UK Pension Scheme

14 March 2022

Legal & General Assurance Society Limited (“Legal & General”) today announces it agreed a £225 million buy-in in February with the Combined Newell and Record Section of the Newell Rubbermaid UK Pension Scheme (“the Scheme”). The transaction secures the benefits of more than 800 retirees and 900 deferred members.

The sponsoring company, Newell Brands (formerly Newell Rubbermaid; NASDAQ: NWL), is a leading global consumer goods company with a strong portfolio of well-known brands across several business units including writing, food and home fragrance.

Today’s transaction represents the Scheme’s second buy-in policy with Legal & General. It follows an existing buy-in with the Combined Parker and Sanford Section of the Scheme.

After being selected as preferred insurer in December 2021, Legal & General provided a price lock to the value of the Scheme’s portfolio of gilts. This gave the Scheme price certainty over the year-end and into 2022, while the terms of the buy-in were being agreed.

The sponsor and Trustee were advised on the transaction by Aon and legal advice was provided to the Trustee by Pinsent Masons. Clifford Chance provided legal advice to Legal & General.

Source: Legal & General