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Selecta (UK) Pension Plan completes £250m buy-in with Legal & General - Hymans Robertson
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Selecta (UK) Pension Plan completes £250m buy-in with Legal & General
22 Sep 2021
The Selecta (UK) Pension Plan (the “Plan”), sponsored by Selecta UK Limited has completed a £250m full scheme buy-in with Legal & General covering liabilities in respect of the Plan’s approximately 1,000 deferred and approximately 1,000 pensioner members.
The buy-in also significantly reduces future pension funding risk from Selecta UK Limited's point of view, providing more business certainty for stakeholders and aligns with actions taken in supporting and securing members' benefits.
Hymans Robertson was the lead transaction adviser, with legal advice provided by Pinsent Masons.
Dinesh Visavadia and Nita Tinn, both lead Directors at Independent Trustee Services as Professional Corporate Sole Trustee of the Plan commented:
“It is pleasing to reach this point in the Plan’s journey and secure members’ benefits with this buy-in. The Trustee together with their advisers, Hymans Robertson and Pinsent Masons, worked with the Company on this long journey carefully de-risking to improve the security of the Plan benefits. Hymans Robertson were diligent in identifying a market opportunity which helped us move quickly to take advantage of it through a well-run and robust process, securing excellent terms with Legal & General and significantly improving security for our members.”
Kieran Mistry , Senior Risk Transfer Specialist at Hymans Robertson and lead adviser on the transaction commented:
“We are very pleased to have helped the Trustee secure this buy-in, removing the majority of the Plan’s risks. As a Professional Corporate Sole Trustee, we were able to work swiftly and nimbly with ITS to take advantage of a short-term period of relative quiet in the buy-in market over the first half of 2021. The result was a highly competitive broking process, with Legal & General presenting a compelling and tailored proposition.”
Celia Monteiro, Director, Pension Risk Transfer at Legal & General Retirement Institutional commented:
“Working with pension schemes at all stages of their de-risking journey is fundamental to what we do at Legal & General and we are delighted that we have been chosen as the Plan’s buy-in partner given their long-standing relationship with Legal & General Investment Management. We look forward to continuing to work with the Selecta UK Pension Plan as it continues its de-risking journey.”
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