The Trustee selected L&G as its preferred insurer following a competitive process, highlighting the Plan’s longstanding relationship with L&G’s Asset Management business and its comprehensive price lock offering. The full premium was paid through the novation of the Plan’s existing L&G-managed pooled fund holdings to L&G’s Institutional Retirement business.
The transaction demonstrates how L&G brings together its Asset Management and Institutional Retirement capabilities to help pension schemes progress efficiently towards their endgame objectives. Over the three years to June 2026, an average of 80% of L&G’s UK PRT transacted volumes related to existing L&G Asset Management clients.¹ The novation of the Plan’s existing L&G-managed fund holdings is a clear example of the value this approach can bring, building on an established relationship to support execution certainty and an efficient transition to buy-in.
John Towner, Managing Director, UK PRT, Institutional Retirement, L&G, said: “This transaction demonstrates the benefit of bringing together expertise from across L&G to help a pension scheme achieve its objectives. By building on our existing relationship with the Plan and making efficient use of its existing investments, we were able to help the Trustee achieve a positive outcome for the Plan and its 1,700 members. We are proud to have been chosen to look after those members and look forward to providing the high-quality service and support they deserve for many years to come.”
Jason Bissell, Trustee Chair, said: “We are delighted to have completed a buy-in with L&G after a rigorous and thorough process. This is a significant milestone for the United Glass Pension Plan in reducing risk and improving the security of our members’ benefits, which was our highest priority. The Trustee was keen to secure excellent value for money and to ensure member service would be continued at the highest level. In L&G we are confident that we have selected a partner that meets these objectives, so this transaction marks an outstanding outcome for all involved. I would like to thank all our advisors for their collaborative work to get to this point and we look forward to working with L&G well into the future.”
Chris Hawley, Risk Transfer Director at Howden Employee Benefits, said: “We are so pleased to have achieved such a positive outcome for the Trustee of the United Glass Pension Plan through this highly competitive transaction process. The outcome was the culmination of our long journey supporting the Trustee with their funding and investment strategy, carefully navigating a hugely busy risk transfer market and working with A&O Shearman (the Plan legal advisers) to find a solution for the many benefit complexities. The positive engagement with L&G helped the Trustee achieve the best possible outcome for the Plan, which was then executed in a streamlined and risk controlled way.”
The Trustee worked closely with Howden as its risk transfer broker, actuarial and investment advisers, and A&O Shearman as its legal advisers.
|
.jpg)
(2).jpg)