KENT, England, Aug. 17 -- Legal and General Group, a provider of insurance, savings and investment management products, issued the following news release, dated August 14:
Legal & General today announced that in H1 2019 it completed a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan, covering around 120 members. This is the third transaction between Legal & General and the Plan, with Legal & General having completed two prior pensioner only buy-ins in 2012 and 2013. This latest transaction provides insurance cover for all the remaining members of the Plan: both those who have retired since 2013 and the deferred pensioners.
Working with the Trustees and their advisers, Legal & General found a solution which allowed the Trustees to ensure the members continue to receive a pension based on the higher of the DB and DC benefit calculation until the Plan is wound up and bought out.
This solution was agreed ahead of transacting, ensuring that the deferred pensioner members have suitable time to consider their options before a bulk crystallisation event occurs at buyout.
We are delighted to have helped Hitachi and the Trustee over the past seven years. This is another great example of a group of trustees and their sponsor having the confidence and trust to start and finish their de-risking journey with us. The dual benefit dynamic presented some interesting challenges for the transaction, but all parties showed great focus on delivering an outcome that had members' interests at the heart.
Frankie Borrell, Director, Legal & General Pension Risk Transfer