Legal & General has completed a ￡1.1bn buy-in with the SCA UK Pension Plan, securing the benefits of 5,900 retirees and 3,600 deferred members.

The sponsoring company, Essity Holding UK, is part of the Essity group which is a leading global hygiene and health company headquartered in Stockholm, Sweden.

Furthermore, following a review of insurers in the market, the plan and sponsor selected to work with Legal & General to achieve their transaction goals.

Andrew Kail, CEO, Legal & General, Institutional Retirement, said: “We are very pleased to have agreed this buy-in today with the SCA UK Pension Plan, allowing us to deepen our existing relationship with the client and create greater security for its members. We are continuing to see an acceleration in demand across the sector with c￡1.4trn of DB pension scheme assets sitting on UK company balance sheets. Our long-standing relationships with clients, including through our Asset Management division, allows us to support pension schemes through their de-risking journey, working in collaboration with clients such as the SCA UK Pension Plan to maximise outcomes for Plan members and Trustees.”

Carol Woodley, chair and independent trustee director, SCA UK Pension Plan, added: "I’m delighted that the Trustees, Essity, Legal & General and our advisers have been able to work together to complete this transaction. It is good news for our members and increases the level of security that their pension benefits will be paid in full. The outcome was only possible in the time frame as a result of the great team effort between everyone involved."

Clive Wellsteed, partner and lead transaction adviser, Lane Clark & Peacock, noted: “One of the most important decisions in today's market is how to approach and engage with insurers to best deliver the transaction objectives. The bespoke process followed here did exactly that and delivered highly competitive pricing and full tailoring to the Trustee’s and Sponsor’s timeline and desired terms."

"Legal & General finishes ￡1.1bn buy-in with SCA UK pension plan" was originally created and published by Life Insurance International, a GlobalData owned brand.

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