The Triplex Lloyd Final Salary Plan has agreed a £75m (€89.7m) bulk annuity transaction for its Doncasters Section securing the benefits for around 300 deferred members and 800 retirees.
This would be Legal & General’s second transaction with the Doncasters Limited – the plan sponsor, which is an international manufacturer of high-precision alloy components for aerospace and automotive markets – following a £175m buyout completed in 2018, which covered over 600 deferred members and 1,400 retirees.
The transactions cover two different sections of the plan, which is now fully insured, Legal & General confirmed.
The pension plan was an existing client of Legal & General Investment Management (LGIM), which enabled the trustees to price-lock the LGIM invested funds, ensuring price certainty when favourable market conditions arose, Legal & General said in a statement.
The pension fund trustees were advised on the transaction by XPS and legal advice was provided by Burges Salmon.
London CIV partners with CACEIS on cost transparency solution
London CIV, an investment pool for London’s local government pension scheme (LGPS) funds, has partnered with CACEIS as the latter will provide cost transparency and benchmarking services.
The partnership enables he investment pool to access a comprehensive cost transparency and benchmarking solution “encompassing leading technology alongside a deep focus on the quality control of data”, CACEIS stated.
The firm will provide the fund a comprehensive view on costs by pulling cost data into a portfolio level, sub-fund level, asset class level and sub-asset class level view, with benchmarking across all these levels.
Comparable benchmarking and fund level comparisons will form a key part of value for money assessments, CACEIS added.
The firm already provides similar services for Brunel Pension Partnership and recently joined the LGPS Framework for custody services in 2021.
CACEIS launched the UK’s first pensions cost transparency and benchmarking solution in 2017 to provide pension schemes with insight into the total cost of ownership of managing their schemes. This covers all direct and indirect costs, including all administrative and investment costs.