On the go: The Newell Rubbermaid UK Pension Scheme has agreed a £225mn buy-in for its Combined Newell and Record Section with Legal & General Assurance Society.
The buy-in was agreed in February and secures the benefits of more than 800 retirees and 900 deferred members.
It is the scheme’s second buy-in policy with L&G, as it previously completed a bulk annuity transaction for its other section, the Combined Parker and Sanford Section, in 2013.
After being selected as preferred insurer in December 2021, L&G provided a price lock to the value of the scheme’s portfolio of gilts. This gave the scheme price certainty over the year-end and into 2022, while the terms of the buy-in were being agreed. Aon advised on the transaction.
Steve Southern, chair of trustees, said: “We are very pleased to have secured the recent buy-in with L&G. This transaction is a key step in our derisking of the scheme and delivers a superb outcome for our members by providing greater security of their benefits.”
He continued: “L&G was selected by the trustee following a highly competitive selection process. We are pleased with the results and the key support provided to the trustee by our advisers throughout this complex transaction.”
This article originally appeared on MandateWire.com
