Legal & General agrees £6.6m buy-in with Gordonstoun School Retirement Benefits Scheme

14 April 2022

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £6.6 million full-scheme buy-in with Gordonstoun School (Gordonstoun Schools Limited) Retirement Benefits Scheme (“the Scheme”) in March 2022, securing the benefits for around 30 deferred members and 65 retirees.

The Sponsor, Gordonstoun School, was founded in 1934 and is one of the UK’s leading full boarding schools, having educated three generations of the British royal family.

Legal & General Investment Management (“LGIM”) has managed investments for the Scheme since 1999 and as a result, the Trustees chose to work with Legal & General on a sole insurer basis.

Legal & General invests the premiums from pension buy-in and buyout transactions into assets that aim to deliver long-term returns to pay pensions, while making a positive impact in towns and communities across the UK.

The Trustees were advised on the transaction by Barnett Waddingham LLP and legal advice was provided to the Trustees by DWF LLP.

Source: Legal & General