Legal & General announces £150 million PPF+ transaction with the Mowlem (1993) Pension Scheme

10 February 2021

The transaction follows the liquidation of its sponsor, Sovereign Hospital Services Limited, part of the Carillion Group.

£150 million PPF+ buyout transaction

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £150 million PPF+ buyout transaction with the Trustee of the Mowlem (1993) Pension Scheme (“the Scheme”), securing the benefits of over 360 deferred members and 650 retirees.

The Scheme entered Pension Protection Fund (PPF) assessment in February 2018 following the liquidation of its sponsor, Sovereign Hospital Services Limited, which was part of the Carillion Group. This transaction, agreed in 2020, will enable the Trustee to secure benefits with Legal & General that are greater than those which would have been provided by the PPF.

Advised by Mercer

The Trustee was advised on the transaction by Mercer. Legal advice was provided to the Trustee by Sackers and Clifford Chance provided legal advice to Legal & General.

Source: Legal & General