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Legal & General Assurance Society Limited, a leading UK pension risk transfer provider, has completed a £370 million buy-in for the BAL section of the TUI Group UK Pension Trust (“the Scheme”).
TUI Group, a global leisure, travel, and tourism company, sponsors the Scheme. This latest transaction, finalised in late 2024, follows an initial £610 million buy-in in 2021, fully securing all benefits within the section.
The Scheme’s Trustee collaborated with Legal & General over an 18-month period, monitoring pricing to ensure they could act on favorable market conditions. This strategy allowed for an efficient and cost-effective transaction while maintaining affordability.
As part of the agreement, approximately £30 million of the premium has been deferred, enabling the Scheme to manage illiquid assets, with payments scheduled over the next two years.
Adrian Somerfield, Director, Institutional Retirement, Legal & General, commented: “We are pleased that the Trustee has chosen…
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