Legal & General announces £2.5 million transaction with the BHS Senior Management Scheme

5 November 2020

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £2.5 million bulk annuity transaction with the Trustee of The BHS Senior Management Scheme (“the Scheme”), securing the remaining members’ benefits.

British Home Stores (BHS) went into administration in April 2016, resulting in a Pension Protection Fund (PPF) assessment period.

This transaction has enabled the Scheme to exit the PPF’s assessment period, securing benefits in excess of the those payable from the PPF and providing additional certainty for the Scheme’s remaining members. The Scheme members will become Legal & General policyholders.

Source: Legal & General