Legal & General agrees a c£650m buy-in with Mitchells & Butlers Executive Pension Plan

21 December 2021

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c£650 million full scheme buy-in with the Mitchells & Butlers Executive Pension Plan (“the Plan”), securing the benefits for all Plan members.

The sponsor, Mitchells & Butlers Plc, has a history dating back to 1898 and operates a number of the UK’s restaurants, pubs and bars, including Harvester and All Bar One.

Today’s announcement marks the Plan’s first pension risk transfer transaction after two years of preparation and price monitoring.

The Plan is an existing client of the Legal & General Group, with its investment management business (“LGIM”) providing management of the Plan’s Defined Contribution (DC) pension scheme assets.

The Trustees were advised on the transaction by XPS and legal advice to the Trustees was provided by Gowling WLG. Macfarlanes provided legal advice to Legal & General.

Source: Legal & General