Legal & General has struck a £340m ($416m) buy-in deal with the Cable & Wireless Superannuation Fund, which sees the UK insurer take on the retirement benefits of roughly 1,800 retirees and deferred members.
Cable & Wireless is part of Liberty Latin America, a multi-national firm which provides telecommunications services in more than 20 countries.
In a press release, Legal & General said that the fund had been a long-standing client of Legal & General Investment Management.
This is the third and final deal between the firms with Cable & Wireless carrying out its first buy-in with Legal & General in 2017 and another in 2019.
The telecoms firm had previously carried out a buy-out with another – unnamed – provider in 2008 and according to Legal & General, the fund has now fully insured all its members’ liabilities.
LCP advised the Trustee of the Fund throughout the transaction while Hogan Lovells was the legal advisor. Clifford Chance provided legal advice to Legal & General.