The two transactions include a £610m partial buy-in for the BAL section and a £184m full buy-in for the TAPS section of the Scheme.
These transactions mark the Scheme’s first PRT transactions with Legal & General and cover two of the three pension sections within the Scheme.
The Trustee was advised on the transaction by LCP and legal advice was provided by Linklaters. TUI was advised by Isio and Herbert Smith Freehills. Legal advice was provided to Legal & General by Eversheds Sutherland.
Adrian Somerfield, Origination & Execution Director, Legal & General Retirement Institutional: “We are pleased to have insured two sections of the Scheme and hope that today’s announcement will provide additional reassurance and security to the pension scheme members. We look forward to continuing to work with the Trustee in the future.”
Mike Roberts from PAN Trustees, Chair of the Trustee Board: “We are very pleased that this transaction has successfully concluded at attractive pricing, closing the gap to being fully funded and providing increased security of benefits for members of the Scheme.
“Working with the support of TUI, we ran a thorough process to select Legal & General and we are delighted to have achieved such a positive step for the benefit of our membership.”
Imogen Cothay, Partner, LCP: “With a long-term target of full insurance, the market volatility arising due to Covid-19 provided a springboard for the Trustee to take a significant step towards reaching their long-term goal.
We’re delighted to have helped the Trustee successfully reach this milestone, and achieve pricing which surpassed the Trustee’s original expectations.”
|
.jpg)
