On the go: The Tioxide Pension Fund has agreed to a £430mn buy-in with Legal & General.
The transaction, which covers the benefits of around 2,700 retirees and deferred members, was agreed with sponsor chemical company Venator Group in November 2022.
Aon acted as specialist adviser for the transaction for the trustee and sponsor, while legal advice was provided to the trustee by Addleshaw Goddard. Clifford Chance provided legal advice to L&G.
Tioxide Pension Fund chair of trustees Sally Roberts said: “We are very happy to have secured our members’ benefits fully through this transaction and achieve our long-term objective for the fund.
“We appointed Aon as our specialist adviser for the transaction, and we are grateful for the support of them and our advisers and the collaboration between the trustee and company to enable us to achieve this positive outcome for the fund and our members.”
Legal & General Investment Management has acted as an investment manager for the scheme since 1995.
This article originally appeared on MandateWire.com
