Prime Highlights:
- Legal & General completes a £96 million pension buy-in for the Cosworth Racing Limited Pension Fund.
- The deal secures the retirement benefits of over 1,000 retired and deferred members.
Key Facts:
- L&G’s Asset Management team managed the Fund’s investments, allowing the Trustee to pay using existing assets efficiently.
- Aon advised as lead transaction adviser, while Gunnercooke and Slaughter and May provided legal support.
Background:
Legal & General Assurance Society Limited (L&G), part of Legal & General Group plc, has completed a £96 million pension buy-in for the Cosworth Racing Limited Pension Fund. The deal protects the retirement benefits of over 1,000 members.
The Fund, sponsored by Ford Motor Company Limited, is managed by PAN Trustees UK LLP as the Professional Corporate Sole Trustee. This buy-in follows a recent £4.6 billion transaction involving two of Ford’s other pension schemes, reflecting ongoing collaboration between L&G and Ford in the UK and the United States.
L&G managed the Fund’s investments, letting the Trustee pay with existing assets. The transfer was quick, smooth, and low-cost.
Aon served as the main transaction adviser, actuary, and investment consultant, while Gunnercooke advised the Trustee and Slaughter and May advised L&G on legal matters.
Andrew Kail, CEO of Institutional Retirement at L&G, said, “We are pleased to have helped Ford and the Trustee secure the retirement benefits of the Fund’s members. This transaction highlights the complementary strength of L&G’s businesses and demonstrates how collaboration can deliver seamless, positive outcomes.”
Andrew Firbank of PAN Trustees added, “This milestone ensures greater security for our members and is the result of years of preparation, data work, and strategic planning. The support from Ford and our advisers has been invaluable in achieving this excellent outcome.”
This buy-in shows L&G’s commitment to secure retirements and its skill in managing pensions.
