Marie Curie pension scheme agrees £30m bulk annuity deal with L&G

The Marie Curie defined benefit (DB) pension scheme has agreed a £30m full scheme bulk annuity deal with Legal & General (L&G) Assurance Society.

Agreed in early January 2021, the buy-in will secure the benefits of over 300 retirees and deferred pensioners.

The trustee of the scheme was advised throughout the transaction by Aon, as well as receiving support from Capita as administrators of the scheme.

Legal advice was also provided to the trustee by Eversheds Sutherland and Sackers, whilst L&G received legal advice from Clifford chance.

Commenting on the agreement, L&G Retirement Institutional origination and execution director, Rachel Cutts, said: “ I am pleased to announce our first pension risk transfer agreement of the new year, which will protect the benefits of over 300 members of the Marie Curie defined benefit pension scheme.

“This transaction demonstrates the continued opportunity for pension schemes of all sizes to secure bulk annuity policies and deliver security for their members in these uncertain times.

“2020 was a strong year for the pension risk transfer market and this transaction marks the start of another busy year ahead.”

Trustee of the scheme chair, William Medlicott, added: “ We are very pleased to have secured the benefits of our members with Legal & General. The scheme has worked with them over many years and we have found them to be an excellent partner”.

Indeed, the scheme was an existing client of L&G Investment Management prior to the bulk annuity agreement, having had a proportion of its assets managed by the group since 2010.

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