On the go: The £30.8m Marie Curie Cancer Care Pension Scheme has agreed a full-scheme bulk annuity transaction worth around £30m with Legal & General.
The transaction, agreed in early January, secures the benefits of more than 300 retirees and deferred pensioners.
The pension scheme has worked with L&G in the past, with Legal & General Investment Management managing a portion of the scheme’s assets since 2010.
William Medlicott, chair of trustees, commented: “We are very pleased to have secured the benefits of our members with L&G. The scheme has worked with them over many years and we have found them to be an excellent partner.”
The scheme trustees were advised on the transaction by Aon, with legal advice provided by Eversheds Sutherland and Sacker & Partners. L&G received legal advice from Clifford Chance.
Prior to the transaction, the scheme already had a derisking strategy in place, as reported by Pensions Expert’s sister publication MandateWire in November 2020.
That strategy saw the scheme cut back its allocation to equities in favour of increased exposure to gilts.
This article originally appeared on mandatewire.com
