L&G completes £1.6bn buy-in with the BP Pension Fund
This is the first transaction for the Fund, which is valued at about £18bn.
Legal and General (L&G) Assurance Society Limited has completed a buy-in worth around £1.6bn with the BP Pension Fund.
This is the first transaction for the Fund, which is valued at about £18bn.
The deal saw both sides working closely together, including agreeing terms to help support the security of members’ benefits.
L&G gave a gilt-based price lock using the Fund’s own gilt holdings, which meant price certainty while the deal was finalised.
This price lock helped execute the transaction smoothly during a period of high market volatility.
The trustee had Aon as lead transaction adviser, Linklaters for legal advice, and Cardano for insurer covenant advice.
Mercer acted as scheme actuary, and Redington gave strategic investment advice.
Macfarlanes and DLA Piper advised L&G on legal matters.
Related
Canada Life completes £48m buy-in with oil and gas sector pension scheme
Canada Life completes £55m buy-in with energy market pension scheme
Broadstone advises STS Field Grant Limited Pension Scheme on £5m full scheme buy-in with Aviva
Four in 10 workers doubt their pension will fund retirement, Penfold finds
Pension scheme funding improves in June despite political uncertainty – Broadstone
Rothesay launches dedicated offering for smaller pension scheme transactions
DWP launches State Pension age communications action plan
38% of employees with a DC pension fear they may never retire due to rising costs, data reveals
Larger pension funds could boost retirement savings by up to 20% – Standard Life
DB trustees say Government pressure on pension surpluses may conflict with member duties, BW finds
Scottish Widows to launch pension tracing tool
