1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Legal & General Plc
  6. News
  7. Summary
    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Legal & General : agrees £12m buy-in with Royal National Mission to Deep Sea Fishermen Retirement Benefit Scheme

01/13/2022 | 03:51am EDT

Legal & General Group Plc

13 January 2022

Legal & General agrees £12m buy-in with Royal National Mission to Deep Sea Fishermen Retirement Benefit Scheme

Legal & General Assurance Society Limited ("Legal & General") today announces that it has agreed a £12 million bulk annuity transaction with the Royal National Mission to Deep Sea Fishermen Retirement Benefit Scheme ("the Scheme"), securing the benefits of around 90 pension scheme members.

The Scheme's Sponsor, the Royal National Mission to Deep Sea Fishermen, is a charity providing practical and financial support to both active and retired fishermen.

Today's announcement marks the Scheme's first Pension Risk Transfer ("PRT") transaction, which was agreed in November 2021. Legal & General is continuing to work closely with the Trustees towards buyout.

The Trustees worked with Legal & General on a sole insurer basis to enable the Scheme to take advantage of favourable pricing.

This transaction builds on Legal & General's relationship with the Scheme, which has been a client of Legal & General Investment Management ("LGIM") since 2017, through whom the Scheme has invested in liability driven investment ("LDI") funds and self-sufficiency funds.

Broadstone Consultants & Actuaries Limited advised the Trustees on the transaction.

Paige Wilson, New Business Manager, Legal & General Retirement Institutional

"We are delighted to be able to further demonstrate our commitment to supporting smaller schemes on their de-risking journeys, as part of our whole of market capabilities. By working closely with the Trustees, across Legal & General, we were able to find the best way to help secure the benefits of its pension scheme members. We look forward to further building on our partnership with the Trustees as we work towards buyout."

Nigel Jones, Director of Consultancy and Actuarial at Broadstone

"We're really pleased to see this transaction take place. It is encouraging that Legal & General were able to offer very competitive terms and that we could help another one of our clients secure their scheme benefits on behalf of their members. Our SM&RT Insure process is built around helping schemes of all sizes prepare for the insurance market in a cost effective manner and to demonstrate to insurers that they are transaction ready."

Sir Jeremy de Halpert, Chair of Trustees

''We are delighted to have completed this transaction with Legal & General, which is the next step on the path to securing the Scheme's liabilities and achieving greater certainty for our members. Given the charitable status of the Mission, it was important that this deal represented good value to the Scheme and the employer. This meant that the premium had to be competitive and that we were able to transact in a cost-effective manner."

Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Notes to editors

About Legal & General

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK's largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

* at 30 June 2021

About Legal & General Retirement Institutional

Legal & General Retirement Institutional (LGRI) works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members' benefits, through a full range of buy-ins, buyouts and other de-risking solutions.

Our UK Retirement annuity book stands at over £85 billion as at 30 June 2021, of which over £25 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.

Our Client Services' 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a "world class" level.

Further information

Name: Stephanie Williams

Role: Communications Specialist

Division: Legal & General Retirement Institutional

Tel: 07469406866

Email: Stephanie.williams1@landg.com

Name: Daniel Henry

Role: Senior Account Executive

Company: Hanover Communications

Email: LGRI@Hanovercomms.com

Legal & General Assurance Society Limited. Registered in England and Wales No. 00166055. Registered office: One Coleman Street, London EC2R 5AA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Disclaimer

Legal & General Group plc published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 08:50:07 UTC.


© Publicnow 2022
All news about LEGAL & GENERAL PLC
05/10LGIM in £500m Bishopsgate property sale
AQ
05/10Tumelo Limited announced that it has received £15.3 million in funding from Treasury In..
CI
04/26LEGAL & GENERAL : LGIM secures £270m green debt facility from HSBC, NatWest & Standard Cha..
PU
04/25Credit Suisse investor rebellion over climate action grows ahead of annual meeting
RE
04/25Credit Suisse Faces Increased Investor Pressure On Climate Action
MT
04/21LEGAL & GENERAL GROUP PLC : Ex-dividend day for final dividend
FA
04/14LEGAL & GENERAL : partners with HCI to help empower individuals to take control of their l..
PU
04/14LEGAL & GENERAL : agrees £6.6m buy-in with Gordonstoun School Retirement Benefits Scheme
PU
04/14LEGAL & GENERAL PLC : Mixed general shareholder meeting
CO
04/13LEGAL & GENERAL : Millions of savers think inflation will leave them better off
PU
More news
Analyst Recommendations on LEGAL & GENERAL PLC
More recommendations
Financials
Sales 2022 79 715 M 98 881 M 98 881 M
Net income 2022 1 986 M 2 463 M 2 463 M
Net Debt 2022 1 685 M 2 090 M 2 090 M
P/E ratio 2022 7,72x
Yield 2022 7,59%
Capitalization 15 086 M 18 713 M 18 713 M
EV / Sales 2022 0,21x
EV / Sales 2023 0,20x
Nbr of Employees 10 743
Free-Float 97,6%
Chart LEGAL & GENERAL PLC
Duration : Period :
Legal & General Plc Technical Analysis Chart | LGEN | GB0005603997 | MarketScreener
Technical analysis trends LEGAL & GENERAL PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 254,50 GBX
Average target price 319,11 GBX
Spread / Average Target 25,4%
EPS Revisions
Managers and Directors
Nigel David Wilson Group Chief Executive Officer & Executive Director
Jeff Davies Group Chief Financial Officer & Executive Director
John Kingman Chairman
Lesley Mary Samuel Knox Independent Non-Executive Director
Philip Arthur John Broadley Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
LEGAL & GENERAL PLC-14.45%18 713
BLACKSTONE INC.-19.98%72 553
KKR & CO. INC.-31.87%30 081
THE CARLYLE GROUP INC.-33.97%13 110
ESR CAYMAN LIMITED-13.47%12 766
FRANKLIN RESOURCES, INC.-24.66%12 613