UK Utilities Co. Transfers £1.6B Pensions To L&G

Law360, London (November 26, 2019, 1:07 PM GMT) -- The U.K.’s National Grid has transferred £1.6 billion ($2.1 billion) of its pension responsibilities to Legal & General, capping off a record year for bulk annuities transfers.

The utilities operator, which is a priority for nationalization under a potential Labour government, said the buy-in was a move to minimize risk for its £20 billion pension plan for former employees of the gas industry.

Rothesay Life insured a £3.8 billion section of the National Grid scheme in September. The company said the buy-ins will protect the future of the plan from the potential impact of rising life expectancy and against financial risk from inflation...

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