Close Menu
    What's Hot

    Global Equity Release/Reverse Mortgage Primary Market on Track To Hit $56bn by 2035

    18 June 2025

    Church Mission Society Pension Scheme Joins Consolidator Clara Pensions

    17 June 2025

    The McGregor Construction (Highlands) Limited Pension Plan Completes Bulk Purchase Annuity Buy-In With Just Group

    16 June 2025
    Facebook X (Twitter) Instagram
    Instagram LinkedIn X (Twitter)
    Life Risk News
    • Home
    • Features

      Both Demand and Supply Factors Contribute to Rare Secondary Market Pullback in 2024

      12 June 2025

      Funded Reinsurance Under Scrutiny But Should Remain a Feature of the UK Pension risk Transfer Market

      12 June 2025

      Plenty of Guardrails for US Life Insurers Backing Group Annuities With Private Assets

      12 June 2025

      Liver Disease Mortality in England Continues to Worsen but General Mortality Still on a Post-Covid Downward Trend

      12 June 2025

      Q&A: Matthew Sheridan, Health Data Analytics

      12 June 2025
    • Commentary

      Life Expectancy in Breast Cancer

      12 June 2025

      The Healthy Wealthy Population of the Life Settlement Market

      12 June 2025

      UK Life Insurers to Benefit from Robust Bulk Annuity Market in 2025

      14 May 2025

      The Power of Uncorrelated Diversification During Market Volatility

      14 May 2025

      Overseeing BPA Growth Safely

      14 May 2025
    • Events
    • Magazine
    • News

      Global Equity Release/Reverse Mortgage Primary Market on Track To Hit $56bn by 2035

      18 June 2025

      Church Mission Society Pension Scheme Joins Consolidator Clara Pensions

      17 June 2025

      The McGregor Construction (Highlands) Limited Pension Plan Completes Bulk Purchase Annuity Buy-In With Just Group

      16 June 2025

      The London Waste Limited Pension Scheme Completes Bulk Purchase Annuity Buy-In with Royal London

      2 June 2025

      Morrisons Retirement Saver Plan Completes Bulk Purchase Annuity Buy-In With Aviva

      28 May 2025
    Subscribe
    Life Risk News
    Home » Anglo American Completes Bulk Purchase Annuity Buy-In Deal With Legal and General for Three Schemes

    Anglo American Completes Bulk Purchase Annuity Buy-In Deal With Legal and General for Three Schemes

    Industry News 21 March 2025Greg WintertonBy Greg Winterton
    Twitter LinkedIn Email
    Share
    Twitter LinkedIn Email

    Anglo American Services (UK) Ltd has completed buy-ins totalling £785m for three pension schemes it sponsors – the Tarmac UK Pension Scheme, the Tarmac ‘B’ Pension Scheme and the Anglo UK Pension Scheme – with Legal and General. 

    The buy-ins were completed as part of a combined transaction, securing the benefits of over 5,100 retirees and 2,500 deferred members. L&G provided a price lock based on the schemes’ assets throughout the transaction process, ensuring pricing certainty while the terms of the transaction were finalised. 

    “Helping these schemes achieve their endgame objectives marks a strong start to another busy year in the pension risk transfer market,” said Andrew Kail, CEO, Institutional Retirement at L&G. 

    “We are committed to providing a secure home for the insured benefits of the schemes’ members and we look forward to supporting them in their retirement. The outlook for this year remains exceptionally positive and with a busy market our pipeline remains as strong as ever across all sizes of transactions,” Kail added. 

    “The buy-ins are the culmination of many years of hard work as we implemented a long-term de-risking strategy, fully supported by Anglo American. We want to thank our fellow trustees, the Group Pensions Manager for Anglo American and our professional advisers, Mercer, Gowling, Aon, Sackers and Capita for their important roles throughout the process in completing the buy-in transactions, which further increase the security of the members’ insured benefits. L&G was selected for a number of qualitative factors, including its long and successful track record in both the bulk and individual annuity business, financial strength and administration capabilities, with a deep-seated commitment to customer care,” added Keith Jackson and Tony Davies, respective Chairmen of the Trustees of the schemes. 

    Mercer acted as lead transaction adviser and advised the schemes’ three trustee boards, with legal advice provided by Gowling WLG and Sackers. Clifford Chance provided legal advice to L&G. 

    “Bringing three schemes of this size to the insurance market in a combined approach required significant planning and co-ordination across Trustees and advisors.  We were pleased with the engagement from the wider market in this competitive process, and securing buy-ins for all three schemes is a great outcome for the membership who have benefited from being part of a combined approach compared to going to market alone,” said Ben Stone, Risk Transfer Partner at Mercer. 

    “We were delighted to support the Trustees on this complex and multifaceted transaction.  Taking three related, but very different, schemes to the market on a combined basis brought significant opportunities to achieve a better outcome for scheme members, and everybody involved in the project rose to the challenge of delivering it,” added Christopher Stiles, Partner at Gowling WLG, 

    L&G says it has completed £1.2bn of UK pension risk transfer transactions in 2025 and is actively pricing on £17bn of new deals. 

    2025 - March Bulk Purchase Annuity Transactions Longevity and Mortality Risk Transfer Longevity Risk News: March 2025 Pension Risk Transfer
    Share. Twitter LinkedIn Email

    Related Posts

    Global Equity Release/Reverse Mortgage Primary Market on Track To Hit $56bn by 2035

    18 June 2025

    Church Mission Society Pension Scheme Joins Consolidator Clara Pensions

    17 June 2025

    The McGregor Construction (Highlands) Limited Pension Plan Completes Bulk Purchase Annuity Buy-In With Just Group

    16 June 2025

    The London Waste Limited Pension Scheme Completes Bulk Purchase Annuity Buy-In with Royal London

    2 June 2025

    Comments are closed.

    Most Popular

    Both Demand and Supply Factors Contribute to Rare Secondary Market Pullback in 2024

    12 June 2025

    Funded Reinsurance Under Scrutiny But Should Remain a Feature of the UK Pension risk Transfer Market

    12 June 2025

    Plenty of Guardrails for US Life Insurers Backing Group Annuities With Private Assets

    12 June 2025

    Liver Disease Mortality in England Continues to Worsen but General Mortality Still on a Post-Covid Downward Trend

    12 June 2025
    Ad

    Your trusted source for capital markets participation in Life Risk

    X (Twitter) Instagram LinkedIn
    Life Risk
    • About Life Risk News
    • Get In Touch
    • Our Team
    • Copyright Notice
    • Terms and Conditions
    • Privacy Policy
    • Sitemap
    Coverage
    • Home
    • Features
    • Events
    • Commentary
    Subscribe

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT