Trustees of the Tate & Lyle final salary scheme have entered a partial pensioner buy-in agreement with Legal & General for £374m.
The transaction is the biggest bulk annuity deal of the year and covers 43 per cent of the scheme’s pensioner members. The company said benefits to members would not be affected by the deal.
Tate & Lyle chief financial officer Tim Lodge said: “This transaction is an important step in our strategy to work with our schemes’ trustees and fiduciaries to reduce pension risk on a phased basis.”
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