Legal & General Assurance Society has agreed a £430 million buy-in with the Tioxide Pension Fund, securing the benefits of around 2,700 retirees and deferred members.
The sponsoring company, Venator Group (“the Sponsor”), is a leading global chemical company. The Fund is an existing Legal & General client, with Legal & General Investment Management (“LGIM”) having managed a proportion of the Scheme’s assets since 1995.
Legal & General was able to offer a tailored price lock solution that provided price certainty to the Trustee during a period of high market volatility while the terms of the buy-in were being agreed.
The Trustee and Sponsor appointed Aon as their specialist adviser for the transaction while legal advice was provided to the Trustee by Addleshaw Goddard. Clifford Chance provided legal advice to Legal & General.
Sally Roberts, Chair of Trustees, 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.”
