Legal & General publishes on its website:
“Legal & General Group Plc (“Legal & General”) announces that it completed an innovative de-risking transaction for the AIB Group UK Pension Scheme (the “Scheme”), covering over 1,300 members.
The transaction was completed at the end of 2019 and is included within the £3 billion of PRT which were in exclusive negotiations at the time of our 19 November trading update.
The transaction makes use of a new solution Legal & General has developed and further tailored for this scheme in partnership with advisors for the Trustee and its sponsor, Allied Irish Banks plc (the “Bank”). The transaction is split between a £850m pensioner buy-in and a £250m Assured Payment Policy (“APP”).”