Legal & General Assurance Society Limited (“Legal & General”) announced that it has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust (the “Scheme”).
The two transactions include a £610m partial buy-in for the BAL section and a £184m full buy-in for the TAPS section of the Scheme.
These transactions mark the Scheme’s first PRT transactions with Legal & General and cover two of the three pension sections within the Scheme.
The Trustee was advised on the transaction by LCP and legal advice was provided by Linklaters. TUI was advised by Isio and Herbert Smith Freehills. Legal advice was provided to Legal & General by Eversheds Sutherland.
"We are pleased to have insured two sections of the Scheme and hope that today’s announcement will
provide additional reassurance and security to the pension scheme members. We look forward to
continuing to work with the Trustee in the future."
Adrian Somerfield, Origination & Execution Director, Legal & General Retirement Institutional
