L&G agrees two pension risk transfer transactions with IHS Markit
Legal & General has today announced it has agreed two pension risk transfer transactions with information provider IHS Markit, one in the UK and one in the US.
The UK transaction was for £37.8m, covering around 150 members, while the US transaction was £78.4m, covering around 1,200 members.
The financial services group also confirmed it had completed 17 bulk annuity transactions in the UK and US as at 30 April 2020. It has now secured £1.4bn of pensioner and deferred members’ benefits, including today’s transactions.
It builds on Legal and General’s 2019 results which reported £10.3bn of UK pension risk transfers and $1.1bn of transfers in the US for 2019.
The pension schemes covered are IHS Pension and Life Assurance Scheme in the UK and IHS Retirement Income Plan in the US.
Laura Mason, chief executive of Legal & General Retirement Institutional, said: “We are delighted to have been able to work with IHS Markit and the Trustees to agree an exciting first for our team – a globally coordinated transaction to simultaneously insure pension liabilities in both the UK and the US.”
Damien Teisseire, IHS Markit’s group reward director, said: “This agreement provides long-term security for our pension members of the UK “IHS (Global) Ltd. Pension and Life Assurance Scheme” and the US “IHS Retirement Income Plan”, securing their benefits with a well-established insurer.”
“The collaborative and dynamic approach in addition to strong expertise from all parties ensured that both transactions were completed safely and efficiently.”