Legal & General agrees c.£11m buyout with Cornish Mutual Assurance Company Limited Staff Pension Scheme

23 February 2022

Legal & General Assurance Society Limited (“Legal & General”) today announces that it agreed an c.£11 million buyout transaction in November 2021 with the Cornish Mutual Assurance Company Limited Staff Pension Scheme (“the Scheme”), securing the benefits of over 70 pension scheme members.

The sponsoring company, Cornish Mutual, is a team of insurance professionals that aim to protect the rural farming community in the South-West.

The Scheme is an existing client of the Legal & General Group, having appointed Legal & General Investment Management (“LGIM”) as its asset manager in 2015.

Legal & General invests the premiums from the Pension Risk Transfer (“PRT”) transactions it agrees, into economically and socially useful assets such as housing, transport and infrastructure. The funds are pooled together, effectively allowing pension schemes to contribute towards green, sustainable investments to support the UK economy.

Dalriada Trustees developed and implemented an appropriate de-risking strategy, in collaboration with its advisers, to achieve the buyout transaction. Eversheds provided legal advice to the Trustee.

Source: Legal & General