On the go: The Reuters Supplementary Pension Scheme has agreed a circa £310m full buy-in with Legal & General Assurance Society.
The deal involved the assessment and insurance of a complex multi-currency benefit structure, L&G said.
Greg Meekings, chair of trustee of the scheme — sponsored by Refinitiv, a subsidiary of London Stock Exchange Group — noted that the pension fund has been managed “to a favourable financial position”, which allowed it to provide its members “with even greater security as a result of this transaction”.
Ava Lau, head of reward analytics at London Stock Exchange Group, said: “This buy-in transaction is a testament to the collaborative efforts between the trustee, LSEG and their advisers, which also takes the group and the scheme further along in their long-term pension strategy.”
The scheme was advised on the transaction by Aon and legal advice was provided by Sacker & Partners. Refinitiv was advised on the transaction by LCP and CMS. Legal advice was provided to L&G by Slaughter and May.
John Baines, head of bulk annuities at Aon, explained that the deal “was a highly complex transaction involving an unusual multi-currency benefit structure”.
He added: “It was only possible as a result of all parties’ willingness to think creatively and to develop innovative solutions for a quite unique transaction, resulting in greater member security and the removal of significant risks.”
This article originally appeared on MandateWire.com
