An existing client of L&G Investment Management since 2003, the scheme of the freight forwarder and shipping agency insured the benefits for more than 80 scheme members.
L&G said the process included thorough data cleansing and de-risking of assets into LGIM Buyout Aware Fund units, with a price lock also agreed before the deal concluded in March.
Scheme trustee John Rutherford commented: “We are very pleased to have reached this important stage in our journey to give our members greater security with a well-known and respected company. We have received excellent advice which has enabled us to achieve this in a safe and controlled manner.”
It is L&G’s eighth announced deal for 2021, with around £1.2bn of bulk annuities confirmed since the start of this year. Last week, it announced a £794m deal with Tui.
L&G Retirement Institutional director Adrian Somerfield said: “This transaction is a great demonstration of the value which can be realised by using L&G’s group-wide expertise.
“We are delighted to have helped a long-standing client on their de-risking journey and look forward to continuing to build on this relationship as the scheme progresses to buyout.”
Across the market, around £3.6bn of bulk annuities have now been concluded in 2021, with L&G accounting for around one third of them.
In this transaction, the scheme was advised by XPS Pensions, while legal advice was provided by Arc Pensions Law.
XPS Pensions risk transfer team actuary Paula Haughton commented: “This is a great example of a scheme gaining excellent pricing and price certainty during the transaction period, having put in significant work up front to prepare for buyout and through timely decision making.”
