UK-based United Glass Pension Plan has completed a £240m (€287m) full buy-in with Legal & General (L&G), securing benefits for 1,700 members.
The trustee selected L&G as its preferred insurer following a competitive process, citing its longstanding relationship with the insurer’s asset management business and its comprehensive price lock offering.
The £240m premium was paid through the novation of the pension fund’s existing L&G-managed pooled fund holdings to the insurer’s institutional retirement business.
The transaction highlights L&G’s ability to combine its asset management and institutional retirement capabilities to support pension schemes’ endgame strategies.
Over the three years to June 2026, an average of 80% of L&G’s UK pension risk transfer (PRT) volumes related to existing asset management clients, according to the company.
John Towner, managing director of UK PRT at L&G’s institutional retirement business, said: “This transaction demonstrates the benefit of bringing together expertise from across L&G to help a pension scheme achieve its objectives. By building on our existing relationship with the plan and making efficient use of its existing investments, we were able to help the trustee achieve a positive outcome for the plan and its 1,700 members.”
Jason Bissell, trustee chair, said the transaction was a significant milestone in reducing risk and improving the security of members’ benefits, adding that value for money and continued high-quality member service had been priorities.
Howden Employee Benefits acted as risk transfer broker, actuarial and investment adviser, while A&O Shearman provided legal advice.
