(Finance) – Legal & General Groupa British multinational financial services and asset management company, has agreed a total buy-in of £4.8 billion with the Boots Pension Scheme. This buy-in secures the benefits of all 53,000 pensioners and deferred members of the scheme, making it the largest single transaction of its kind in the UK by premium size and, for L&G, the largest single transaction by number of members.
Sponsoring company, Boots, founded 174 years ago, is the UK’s leading health and beauty company with over 2,000 stores and 52,000 employees. Legal & General has a long-standing relationship with Boots, having provided investment management services to the Scheme for over 20 years. This buy-in begins the conclusion of a risk reduction process which the system first launched in 2001.
“We are very pleased to have agreed this buy-in today with Boots Pension Scheme, which represents our largest transaction ever – commented Andrew Kail, CEO, Legal & General Retirement Institutional – This is a testament to our long-standing relationship with the client and I am proud that we have been able to work seamlessly across our insurance, reinsurance and asset management capabilities. investments to deliver an excellent result”.