Triplex Lloyd Final Salary Plan agrees £75m buy-in with L&G

The Triplex Lloyd Final Salary Plan has agreed a £75m bulk annuity deal with Legal & General Assurance Society (L&G) for the Doncasters section of the scheme.

The buy-in will secure the benefits for around 300 deferred members and 800 retirees.

This announcement comes after L&G’s previous £175m buyout with sponsoring employer, Doncasters Limited, for the Triplex Section of the scheme in 2018, which covered over 600 deferred members and 1,400 retirees.

The transactions cover two different sections of the scheme, which is now fully insured.

The Doncasters Section of the Triplex Lloyd Final Salary Plan was an existing client of L&G’s investment management business (LGIM), which enabled the trustees to price-lock the LGIM invested funds, ensuring price certainty when favourable market conditions arose.

The trustees were advised on the transaction by XPS and legal advice was provided by Burges Salmon.

L&G Retirement Institutional director, Adrian Somerfield, welcomed the transaction: “Long-term trust and partnership are the foundations of our business, and we are delighted to have worked over the years, and across L&G, to help the trustees of the Triplex Lloyd Plan achieve their de-risking objectives.

“Working with the trustees we have now been able to provide security for over 3,000 scheme members.

“As the Doncasters Section of the Triplex Lloyd Final Salary Plan moves towards buyout, our in-house client service team will proceed towards welcoming all their members as L&G pension policyholders.”

Triplex Lloyd Final Salary Plan chair of trustee board, Brian Hollis, added: “We are delighted to have achieved this significant milestone, which together with previous transactions undertaken, now secures all our members’ benefits for the future.

“We believe this is an excellent outcome for our members, providing certainty whilst also ensuring a quality member service is maintained over the longer term.

“Thanks to my board colleagues, all our advisers for getting us over the line and also to our professional trustee, Tom Lukic of Dalriada Trustees Limited.

“I must also acknowledge the co-operation of our corporate sponsor, without whose help this would not have been possible.”

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