Home > Alerts > United Kingdom > Legal & General agrees innovative bulk annuity with the Hitachi Data Systems Retirement Benefits Plan
14 August 2019
“Legal & General today announced that in H1 2019 it completed a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan, covering around 120 members.
This is the third transaction between Legal & General and the Plan, with Legal & General having completed two prior pensioner only buy-ins in 2012 and 2013. This latest transaction provides insurance cover for all the remaining members of the Plan: both those who have retired since 2013 and the deferred pensioners.
Working with the Trustees and their advisers, Legal & General found a solution which allowed the Trustees to ensure the members continue to receive a pension based on the higher of the DB and DC benefit calculation until the Plan is wound up and bought out.
This solution was agreed ahead of transacting, ensuring that the deferred pensioner members have suitable time to consider their options before a bulk crystallisation event occurs at buyout.”
March 31, 2023
Dalriada Trustees names Chris Roberts as Managing Director and announces further senior leadership appointments
March 31, 2023
IPE RA | UK infrastructure bank invests in energy storage via Equitix, Gresham House funds
The Exelerating platform helps you to gain relevant insights into € 6,000+ billion of European institutional assets. We do this by tracking and analysing thousands of public sources of data.Learn more