Legal & General has announced its £16m buy-in with the John Graham (Dromore) Limited Pension and Life Assurance Scheme has completed.
The deal between Legal & General and John Graham has secured the benefits of 172 retirees and deferred members.
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John Graham Construction is a construction services provider in the UK. Legal & General has an existing relationship with the parent company, GRAHAM, partnering with them on several construction projects in Glasgow, Belfast, and London.
Furthermore, Isio server as the adviser to the trustees of the scheme, while legal advice on the transaction was given by Osborne Clarke.
Michael Graham, Chair of the Trustees, said: “We are delighted to have made this important step with Legal & General that provides added protection to our members’ long-term benefits. Legal & General were a natural and compelling insurer for the Trustees to partner with given the existing strong relationships that exist. I would like to take this opportunity to thank my fellow Trustees and our predecessors, and our advisors, Isio and Osborne Clarke, who worked seamlessly in providing clear advice and guidance in reaching this positive outcome for our members. We look forward to continuing to work with Legal & General in the future.”
Matthew Dales, Director, UK PRT, Legal & General Retirement Institutional, continued: “This transaction illustrates how Legal & General is supporting pension schemes of all sizes. The Trustees worked with us on an exclusive basis and followed our streamlined Flow process to ensure a seamless and straightforward transaction. Our Flow proposition enabled the Trustees to novate their LGIM holdings to Legal & General at mid-price, allowing a smooth and efficient payment of the premium with a high degree of price certainty. We are pleased that the Scheme has secured its members’ benefits with us and we look forward to looking after them in the years ahead.”
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By GlobalDataKaren Gainsford, director, insurance, Isio, added: “Having advised the Trustees for a number of years, we are delighted to have played our part in advising the Trustees to reach this significant milestone in the Scheme’s history. It has been achieved through a combination of Legal & General’s competitive pricing, collaboration across advisers and with all parties working closely from the outset to facilitate detailed planning and nimble decision making. Whilst the bulk annuity market remains busy, our approach ensures that Trustees gain traction with insurers to transact efficiently and with certainty that the objectives of both the Trustees and the sponsoring company will be met.”
Legal & General Group Protection has also announced a partnership with Perci Health, the UK’s first virtual cancer survivorship clinic.
Perci now brings personalised evidence-based care to employees living with and beyond cancer to those covered by Legal & General and its group income protection. This is at no extra cost.
In addition, Perci aims to achieve the best possible outcomes, supporting understanding and managing the long-term effect of cancer treatment, as well as optimising quality of life.
