Business

L&G announces global PRT bulk annuity transaction

The transaction will cover Evonik’s UK and US pension schemes

Legal and General has announced a new global PRT bulk annuity transaction, which will cover Evonik’s pension schemes in the UK and US.

The £544m full buy-in of the UK pension scheme in December 2020 follows a $93m (£68m) lift-out completed for Evonik’s US retirement plan in September of that year.

Evonik’s scheme in the UK represents the benefits of over 3,600 UK defined benefit pension scheme members and the purchase facilitates the merger of its four schemes as part of the de-risking process.

John Towner, head of New Business at Legal and General Retirement Institutional, said: “This transaction demonstrates how we are uniquely placed to work across both the UK and US to offer global market-leading PRT services and help multinational companies secure their pension obligations across countries.

“Following the success of our transaction in the US, we are pleased to have been trusted to work on a sole insurer basis with Evonik and the UK Trustee to secure its members’ pension benefits in the UK.”

He added: “We continue to see high demand for PRT transactions across both markets and look forward to helping more global businesses on their de-risking journeys.”

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