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The BAL section of the Tui Group UK Pension Trust has completed a £370m buy-in with Legal & General (L&G) Assurance Society, meaning that all section benefits are now fully secured.
The trustee worked collaboratively with L&G in the 18 months following an initial £610m buy-in in 2021, in order to monitor pricing and ensure they were in a position to react to favourable market conditions and transact at an opportune time.
Around £30m of the premium has also been deferred to allow the scheme to run-off some illiquid assets. This is payable over the next two years.
This ensured an efficient transaction while affordability remained attractive.
LCP was the lead transaction adviser to the trustee and also provided actuarial and investment advice.
Linklaters provided legal advice to the trustee, while Isio and Herbert Smith Freehills provided advice to the sponsor, and Macfarlanes provided legal advice to L&G.
Chair of trustees at PAN Trustees Partner, Mike Roberts, highlighted the…
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