ICI Pension Fund has secured a £70 million buy-in with Legal and General Assurance Society (Legal and General).
The buy-in, completed in May 2020 takes advantage, of current market conditions and has secured the benefit for new retirees. The deal is the ninth transaction with Legal and General securing a total of £5.8 billion of liabilities since arrangements were first made in 2014.
The transaction was advised by LCP and Allen and Overy. Legal advice was supported by Eversheds Sutherland.
Heath Mottram, CEO, ICI Pension Fund, said: “We are delighted to have secured our ninth buy-in with Legal and General, and our seventeenth in total, in another transaction for the Fund’s de-risking journey. This latest transaction demonstrates the value of our umbrella contract with Legal and General and highlights what can be achieved by trustees with thorough preparation, the right experienced advisors and a clear decision making framework.”