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L&G completes GBP750m pension buy-in for ICI pension fund

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Legal & General Group has completed a GBP750 million pension buy-in transaction for the ICI Pension Fund (ICI PF).

Legal & General and ICI PF executed the GBP750 million pension risk transfer deal shortly after the EU Referendum, working together quickly to make good use of market opportunities.
 
ICI PF has now executed GBP5 billion in pension risk transfers with Legal & General since 2014.
 
Large pension funds are moving towards an incremental approach to pension risk transfer. Pensioner buy-ins, top-slicing and longevity insurance are all becoming steps in this incremental approach and so allow insurers and pension schemes to form mutually helpful strategic relationships.
 
Cheryl Agius, head of strategic pension risk transfer, Legal & General Retirement, says: “The strength and depth of our relationship with ICI Pension Fund enabled us move fast when the market opportunity presented itself. The result is a further step forward in the de-risking programme which we are helping the ICI Pension Fund Trustees to deliver for their scheme members.”
 
Legal & General Retirement sales year to date across bulk annuities, individual annuities and lifetime mortgages are GBP4.75 billion, (GBP4 billion in H1 2016 compared to GBP2.9 billion in H1 2015).
 
Legal & General has now executed bulk and individual annuity business in 2016 of GBP4.5 billion year to date, compared to the 2015 full year annuity sales of GBP2.7 billion. This is partly made up of the GBP2.9 billion Aegon back-book transaction in May, and GBP250 million of pension risk transfer business conducted in June during the Referendum period. 

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