Legal & General closes £1.1bn de-risking deal with AIB Group
Life and general insurance provider Legal & General Group has revealed that it completed a £1.1 billion de-risking transaction for the AIB Group UK Pension Scheme, covering over 1,300 members, at the end of 2019.
The transaction is split between a £850 million pensioner buy-in and a £250 million Assured Payment Policy (APP).
The deal makes use of a new solution Legal & General has developed and further tailored for this scheme in partnership with advisors for the trustee and its sponsor Allied Irish Banks.
Laura Mason, CEO of Legal & General Retirement Institutional (LGRI), said: "We are pleased to have been able to help AIB Group UK Pension Scheme in the latest stage of its de-risking journey and are proud to showcase our new Assured Payment Policy (APP) solution. Our team are always looking for new solutions for our clients to help them achieve their desired de-risking outcome in the most efficient way. The APP structure was ideal for what the Scheme and AIB were working to achieve.
