09/01/2012
Tom Ground
Head of Business Development
BPA business Legal & General Assurance Society today announce
that they have put in place their first longevity insurance
arrangement. The deal, with the Trustee of the Pilkington
Superannuation Scheme ('PSS') insures against the
risk of 11,500 current pensioners in the Scheme living longer
than expected, with around £1bn of associated
liabilities*.
At the same time as entering into this agreement, Legal &
General have also entered into a longevity reinsurance
agreement with Hannover Re.
This transaction demonstrates Legal & General's
capability in this rapidly growing market, as more companies
and Trustees look to use insurance de-risking solutions to
reduce their exposure to changes in future liabilities.
Tom Ground, Head of Business Development for
Legal & General Pension insurance solutions,
said;"Legal & General is delighted to have
been chosen by the Trustee of the Pilkington Scheme for this
important deal as it demonstrates our capability to provide a
full range of de-risking solutions that delivers
significantly enhanced security to members. The arrangement
also reflects the Trustee and its advisers' commitment to
work with a longevity insurance provider they believe has the
expertise and financial security to deliver.
This transaction leverages Legal & General's expertise
and buying power in the reinsurance market as one of the
largest purchasers of life reinsurance.
This arrangement, which follows the recent £1.1bn buy-out
deal with the T&N Scheme, further demonstrates Legal &
General's ability to provide large-scale insurance
solutions in the pension de-risking market. Legal & General
continues to offer comprehensive de-risking solutions to
pension schemes of all sizes." Ends
- Source; Discounted using Libor swap curve as at 21 December 2011
- Legal & General is one of the UK's leading financial services companies and one of the UK's top 50 companies in the FTSE 100 Index. Legal & General has been an active participant in the insurance solution pension de-risking market for over 25 years and was this year's winner, along with LGIM, of the PIPA award for Best De-Risking provider. Legal & General provides annuities to over 550,000 current pensioners and over 200,000 deferred pensioners.
- Legal & General has expertise in investment management, all aspects of defined benefit provision as well as an in-depth understanding of mortality trends and longevity risk.
- The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions.
- Legal & General Assurance Society Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England No 166055.
PR Manager
t:+44 (0) 1737 375369
m:+44 (0) 7788 926790
e:berni.ryan@landg.com
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