Legal & General agrees £225m buyout with UK pension scheme Newell Rubbermaid – InsuranceNewsNet

0

Group Legal and General Plc

March 11, 2022

Legal and general agrees £225m buy-in with Newell Rubbermaid UK Pension plan

Legal and General Insurance Company Limited (“Legal & General”) today announces that it has agreed a £225 million buy-in in February with the combined Newell and Record section of Newell Rubbermaid UK Pension Plan (“the Plan”). The transaction secures benefits for more than 800 retirees and 900 deferred members.

The sponsoring company, Newell Brands (Previously Newell Rubbermaid; NASDAQ: NWL), is a leading global consumer goods company with a strong portfolio of well-known brands across multiple business units including writing, food and home fragrances.

Today’s transaction represents the Scheme’s second repurchase policy with Legal and general. It follows an existing buyout with the combined Parker and Sanford section of the program.

After being selected as preferred insurer in December 2021, Legal and general provided a price lock to the value of the Scheme’s gilt portfolio. This gave the Scheme price certainty by the end of the year and into 2022, while the terms of the buyout were being agreed.

The promoter and trustee were advised on the transaction by Aon and legal advice was provided to the trustee by Pinsent Masons. Clifford Luck provided legal advice to Legal and general.

Rachel CuttsDirector, Legal & General Retirement Institutional

“Our bespoke price locks provide price certainty to fiduciaries, particularly during the current period of high market volatility. which is now underway. We look forward to working closely with the trustee to convert both policies to buyout and with our in-house administration team welcoming plan members as Legal and general insured. »

Steve South20-20 directors, chairman of the directors,

“We are very pleased to have secured the recent takeover with Legal and general. This transaction is a key step in our reduction of plan risk and provides an excellent outcome for our members by providing greater security to their benefits. Legal and general were selected by the Trustee following a highly competitive selection process. We are satisfied with the results and the key support provided to the trustee by our advisors throughout this complex transaction. »

John BainesAon Partner Risk Settlement Group

“This transaction underscores the importance of careful preparation, which is the culmination of many years of work to better understand the Plan’s data and benefits and to reduce the risks to the Plan’s asset portfolio. We have worked in close collaboration with the trustee and company to identify the most important areas of interest before entering the market, to be at the front of the queue to make transactions at the start of what promises to be an unprecedented year in the annuity market in block.”

Legal and General Insurance Company Limited. Checked in England and Wales No. 00166055. Registered office: A Coleman Street, London EC2R 5AA. We are authorized by the Prudential regulatory authority and regulated by the Financial Conduct Authority and the Prudential regulatory authority.

Notes to Editors

On Legal and general

Founded in 1836, Legal and general is one of from the United Kingdom leading financial services groups and a major global investor, with international operations in the United States, Europe, Middle East and Asia. With nearly £1.3 trillion in assets under management*, we are the from the United Kingdom the largest investment manager for corporate pension plans and a UK market leader in pension risk transfer, alternative asset origination, life insurance, occupational pensions and retirement income.

* at June 30, 2021

Improving lives through inclusive capitalism

Our goal is to build a better society, while improving the lives of our customers and creating value for shareholders. We do this by investing in long-term assets that benefit everyone, from housing to renewable energy – we call it inclusive capitalism. It shapes the way we invest, plan, hire and do business.

About Legal and general Retirement Institutional

Legal & General Retirement Institutional (LGRI) works with trustees and corporate sponsors of defined benefit (DB) pension plans of all sizes to settle their pension obligations and secure plan member benefits, through a comprehensive range of takeovers, takeovers and other risky -solutions.

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

Our Customer Services 12-month rolling Net Promoter Score (NPS) is over +70, which is widely considered to be at a “world class” level.

(From June 2021)

More information

name: margrit williams

Role: PR & Communication Director

Division: Legal & General Retirement Institutional

Tel:07384452353

E-mail: [email protected]

name: Hugh Morris

Role: Senior Consultant

Company: Communications from Hannover

E-mail:[email protected]

Legal and General Insurance Company Limited. Checked in England and Wales No. 00166055. Registered office: A Coleman Street, London EC2R 5AA. We are authorized by the Prudential regulatory authority and regulated by the Financial Conduct Authority and the Prudential regulatory authority.

Share.

About Author

Comments are closed.