Legal and General has announced a £150m deal with the Trustee of the Mowlem Pension Scheme.
A buyout of the pension protection fund (PPF) transaction will secure the benefits of over 360 deferred members and 650 retirees.
The transaction follows the 2018 liquidation of the scheme’s sponsor, Sovereign Hospital Services, which was a part of the Carillion Group.
The Mowlem trustee will now be able to secure benefits with Legal and General that are larger than those that would have been provided by the PPF.
Julian Hobday, origination and execution director at Legal and General retirement institutional, said: “We are pleased to have helped the trustee secure benefits in excess of PPF levels for all scheme members.
“This transaction builds on our track record of working with schemes in PPF assessment to bring peace of mind to the members through having their benefits secured with a financially strong, household name insurer.”
The deal was announced on the same day as Legal and General’s part-exchange home purchasing service launch.
The scheme will facilitate easy home buying processes for Inspired Villages retirement community-members.