On the go: The Triplex Lloyd Final Salary Plan has agreed a circa £75m bulk annuity transaction with Legal & General Assurance Society for the Doncasters section of the defined benefit scheme.
The buy-in secures the benefits for around 300 deferred members and 800 retirees.
This is the second derisking transaction between the scheme, sponsored by the international manufacturer of high-precision alloy components, and L&G. The first was a circa £175m buyout completed for the Triplex section of the plan in 2018, which covered around 600 deferred members and 1,400 retirees.
The plan is now fully insured following these two bulk annuity transactions.
The scheme was an existing client of L&G as it invested all of its assets with Legal & General Investment Management. This enabled the scheme to price-lock the LGIM invested funds, ensuring price certainty when favourable market conditions arose, a statement read.
Brian Hollis, chair of the trustee board of the Triplex Lloyd Final Salary Plan, said: “We are delighted to have achieved this significant milestone, which together with previous transactions undertaken, now secures all our members’ benefits for the future.
“We believe this is an excellent outcome for our members, providing certainty while also ensuring a quality member service is maintained over the longer term.”
The trustees were advised on the transaction by XPS Pensions Group and legal advice was provided by Burges Salmon.
This article originally appeared on MandateWire.com
