Global information provider IHS Markit has agreed two pension risk transfers with Legal and General, both in the UK and the US.
The pension schemes cover 150 IHS (global) pension and life assurance members in the UK and 1,2000 IHS retirement income plan members in the US.
IHS Markit also completed 17 bulk annuity transactions as at 30 April 2020, transferring a total of £1.4 billion ($1.7bn) of pensioner and deferred members’ benefits.
Both transactions were led by Willis Towers Watson, while Sackers and Blake Morgan provided legal advice to the Trustees of the IHS (Global) Ltd. Pension and Life Assurance Scheme in the UK.
Damien Teisseire, vice president and group reward director at IHS Markit, said: “By partnering with Legal and General, we were able to achieve an important objective for the company and our scheme members by de-risking and simplifying our global pensions arrangements in two simultaneous transactions.
“This agreement provides long-term security for our pension members of the UK IHS (global) pension and life assurance scheme and the US IHS retirement income plan, securing their benefits with a well-established insurer. The collaborative and dynamic approach in addition to strong expertise from all parties ensured that both transactions were completed safely and efficiently.”