CMS Guides £760M Pension Deal For Pharma Giant Sanofi
By Martin Croucher (October 12, 2021, 3:57 PM BST) -- French pharmaceutical giant Sanofi SA said on Tuesday that it has insured £760 million ($1 billion) worth of U.K. staff pension liabilities with Legal & General Assurance Society Ltd.
The buy-in deal will mean that 2,900 former employees at Sanofi are protected against the risk of their retirement benefits being affected by changes in investment performance.
The transaction is one of the largest of the year and comes after £20 billion in pensions deals was signed in the first six months of 2021.
"This buy-in is an important step in our long-term strategy and significantly reduces risk in the scheme, thereby...
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