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Legal & General unit, Tate & Lyle complete £930M pension de-risking deal

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Legal & General unit, Tate & Lyle complete £930M pension de-risking deal

Legal & General Assurance Society Ltd. has completed a £930 million full buy-in for the members of the Tate & Lyle Pension Scheme.

The transaction covers approximately 4,800 members, which means that, in addition to a £350 million transaction in 2012, about 6,700 members are now covered by Legal & General.

Tate & Lyle PLC said the agreement is not anticipated to affect profit before tax for the year ending March 31, 2020, but will eliminate non-cash net finance income on the U.K. scheme accounting surplus from the 2021 financial year. De-recognition of the accounting surplus will result in a decrease in group net equity by about £180 million.

Legal advice was provided to Legal & General by Macfarlanes. The trustees were advised on the transaction by LCP and Linklaters.