Business

L&G completes £385m buy-in transaction with NGN

Legal and General has announced the completion of its £385m buy-in transaction with the Northern Gas Networks (NGN) Pension Scheme.

The deal will secure the pension benefits of more than 600 retirees.

NGN is the gas distributor for the North of England and transports gas to 2.7 million homes and businesses across the North East, Yorkshire and northern Cumbria.

The scheme is an existing client of Legal and General, with LGIM having managed a proportion of the Scheme’s assets since the Scheme was established in 2005.

Rachel Cutts, director of Legal & General Retirement Institutional, said: “We are delighted to have completed this transaction, which provides further financial security to the members of the Northern Gas Networks Pension Scheme.

“This transaction demonstrates that by having a clear objective and flexible timescales, trustees can move quickly and secure their members’ benefits when favourable pricing is available.”

She added: “It builds on the Legal & General Group’s existing relationship with the Scheme and we look forward to continuing to work with the Scheme in the coming years.”

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