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LCP advises on c.£900 million buy-in between Legal & General and the ICI Pension Fund

Pensions & benefits Pension risk transfer DB pensions LCP news
Clive Wellsteed Partner and Head of Pension Risk Transfer

LCP acted as lead transaction adviser on a c.£900 million buy-in between - Legal & General Assurance Society Limited (“Legal & General”) and the ICI Pension Fund (“the Fund”), securing the benefits of over 7,000 retirees. 

The transaction marks the 12th transaction since the Fund entered into an umbrella agreement with Legal & General in 2014. To date, Legal & General has completed transactions totalling £7 billion in aggregate with the Fund and covers around 70% of the Fund’s total liabilities. 

LCP and Allen & Overy have advised the Trustee of the Fund on all twelve of the Fund’s buy-ins with Legal & General, Macfarlanes provided legal advice to Legal & General.

Clive Wellsteed, Partner, Lane Clark & Peacock LLP: “In a busy market dominated by full buy-ins, this pensioner-only transaction shows how a well-prepared scheme with a de-risked investment strategy can successfully insure benefits over time to achieve its objectives. This transaction was the 12th buy-in for the Fund with L&G, almost 10 years to the day since the Trustee completed its initial record-breaking £3bn transaction with L&G in 2014.”

Heath Mottram, Chief Executive, Pensions Secretariat Services Limited: “The Trustee of the ICI Pension Fund is delighted to have completed this further buy-in transaction with Legal & General. The Trustee values its ongoing relationship with Legal & General as it continues its journey to secure the benefits of all of the members of the ICI Pension Fund.” 

Andrew Kail, CEO, Legal & General Retirement Institutional: “We are pleased to have deepened our relationship with the ICI Pension Fund in the most recent transaction. It falls almost ten years to the day since the Fund’s initial ground-breaking transaction with us in 2014 and highlights how well advised pension schemes can achieve great results when they have a deep, collaborative, and trusted relationship with an insurer. We look forward to continuing to work closely with the Fund to secure its members' pension liabilities.”

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