法律 & General announces largest UK bulk annuity with Rolls-Royce UK Pension Fund

Legal & General Group Plc announces that the business (“Legal & General”) has written a pension risk transfer (“PRT”) transaction in excess of £4.6 billion with the Rolls-Royce UK Pension Fund (“RRPF”), covering approximately 33,000 in-payment pensioners. This is the largest bulk annuity written in the UK and, including this, 法律 & General has now transacted four of the five largest UK PRT deals, namely, British Airways (£4.4 billion), ICI (£3.0 billion) and TRW (£2.5 billion).

Legal & General has a long standing relationship with Rolls-Royce, having provided investment management services to the pension plan since 1989. In 2016, Legal & General issued a £1.1bn buyout for the Vickers Group Pension Scheme. 法律 & General will continue to provide investment management services for a significant proportion of RRPF’s remaining £8.4 billion asset portfolio following today’s transaction.

In aggregate, 法律 & General has transacted over £6.2 billion of global PRT year to date (H1 2018: £0.7bn). The financial metrics and Solvency II capital strain of these deals are in line with previous transactions.

Nigel Wilson

劳斯莱斯交易再次证明了我们广泛的优势和协同效应。我们有加上创造能力和源大规模长期直接投资的养老金,精算和专业知识结构的独特组合。全球PRT机会依然相当大的和令人信服的:只有8%的英国DB养老金债务的£2.2万亿,并在美国完成PRT 3.5万亿$ 5%。我们在H2管线和食欲进一步的交易依然强劲。

Nigel Wilson, Chief Executive, 法律 & General”

Laura Mason

We have developed an excellent relationship over many years with Rolls-Royce, providing both investment and pension de-risking expertise and support. This transaction, which demonstrates the strength and expertise of the Legal & General team, is excellent news for the pension plan and the sponsor. It will provide enhanced security for plan members and the quality customer service for which 法律 & General is known.

Laura Mason, CEO 法律 & General Retirement Institutional

受托人很高兴能够取得这一成果为我们的成员。该交易将提供围绕退休福利我们的成员已承诺更高的安全性和确定性。这已经通过仔细的风险管理多年来与受托人,劳斯莱斯和我们的顾问之间的密切合作成为可能。

利兹艾雷,受托人的椅子,劳斯莱斯退休基金

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玛格丽特·威廉姆斯

PR & Communications Director, 法律 & General Retirement Institutional

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