Law Society Pension Scheme enters into £320m buy-in deal

The Law Society Pension Scheme has purchased a bulk annuity policy worth £320 million from MetLife Assurance, providing security to some 1,800 members.

This transaction, completed in June for £240 million, insures all known scheme members.

Because the pensioners in payment were insured with MetLife in a separate £80 million transaction in late 2009, the combined total liability of the £320 million scheme is now fully insured.

John Hayes, chairman of the trustees, added: “This bulk annuity deal was made possible by a partnership between the trustees and the Law Society, with proactive and specialist support and advice from the trustees’ advisers.

“At this time of change in the way solicitors are regulated I believe it is good that those who have worked for the society can see their benefits have been secured in this way and the scheme’s deficit removed.”

Mercer arranged both these transactions, acting as investment advisor and insurance broker to the trustees.

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