On the go: The Maersk Retirement Benefit Scheme has agreed to a £1.1bn buy-in with Legal & General, covering the benefits of 1,900 deferred members and 3,000 pensioners.
According to a statement, the scheme trustees took a number of steps to derisk the scheme in recent years, including fully hedging its interest rate and inflation exposures, which allowed the pension fund to take advantage of an opportunity to enter this bulk annuity transaction.
Nigel Pusey, chair of trustees at the Maersk Retirement Benefit Scheme, noted that the deal is good news for scheme members.
“After many years of careful management and derisking we have now secured our members’ benefits through a buy-in with L&G,” he said.
“We were impressed with the flexibility and professionalism shown by Legal & General, alongside our advisers, to complete the transaction at a challenging time.”
Laura Mason, chief executive at L&G Retirement Institutional, stressed that this is one of the larger pension risk transfer transactions of 2020, which “demonstrates the resilience of the market and the ability of insurers, such as ourselves, to transact amid a challenging economic environment”.
