12 August 2022
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c.£50 million full scheme buy-in with the Boots Supplementary Pension Plan (“the Plan”), covering the benefits of more than 110 pension members.
The sponsoring company, Boots (“the Sponsor”), is one of the largest retailers in the UK, providing services in health, beauty and pharmacy.
Legal & General has a long-standing relationship with Boots, having provided investment management services to the Plan for over 20 years.
Aon advised the Trustees on the transaction and legal advice was provided by Sackers. Clifford Chance provided legal advice to Legal & General.
Aysha Patel, New Business Origination Lead, UK PRT: “We are delighted to have agreed this transaction with the Trustees, with whom we have enjoyed a close relationship for more than 20 years. Our wide range of expertise across the Legal & General Group means we can help pension schemes throughout their de-risking journey to reach desired objectives. We look forward to continuing to build on our relationship with the Trustees and Sponsor.”
Lisa Varley, Senior Consultant in Aon’s Risk Settlement Group: “This transaction represents an important move for the Trustees and sponsor in securing Plan members’ benefits. Despite a very busy market, we saw considerable appetite from insurers. The successful outcome illustrates that there are excellent opportunities for sub-£100M schemes, as long as insurers can see a clear line of sight to a successful transaction.”Source: Legal and General
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