The transaction makes use of a new solution Legal & General has developed and further tailored for this scheme in partnership with advisors for the Trustee and its sponsor, Allied Irish Banks
Legal & General announces £1.1bn de-risking transaction with AIB Group UK Pension Scheme. (Credit: DubhEire/Wikipedia.org)
Legal & General Group Plc (“Legal & General”) announces that it completed an innovative de-risking transaction for the AIB Group UK Pension Scheme (the “Scheme”), covering over 1,300 members.
The transaction was completed at the end of 2019 and is included within the £3 billion of PRT which were in exclusive negotiations at the time of our 19 November trading update.
The transaction makes use of a new solution Legal & General has developed and further tailored for this scheme in partnership with advisors for the Trustee and its sponsor, Allied Irish Banks plc (the “Bank”). The transaction is split between a £850m pensioner buy-in and a £250m Assured Payment Policy (“APP”).
Laura Mason, CEO of Legal & General Retirement Institutional (LGRI) said: “We are pleased to have been able to help AIB Group UK Pension Scheme in the latest stage of its de-risking journey and are proud to showcase our new Assured Payment Policy (APP) solution. Our team are always looking for new solutions for our clients to help them achieve their desired de-risking outcome in the most efficient way. The APP structure was ideal for what the Scheme and AIB were working to achieve.”
Source: Company Press Release