Legal & General buys out Vickers pension scheme from Rolls-Royce

Legal & General said its retirement sales had risen by roughly £1.3bn in the last month and a half, boosted by the new £1.1bn buyout of a pension scheme from Rolls-Royce.

Total retirement sales in the year to date have risen to £6.7bn, up from £5.4bn towards the end of September, with the start-up lifetime mortgages arm delivering £0.4bn so far towards its £.5bn full year target.

The FTSE 100 group announced it had completed the full buyout of the £1.1bn Vickers Group pension scheme, part of the Rolls-Royce Group, covering over 11,000 members.

L&G has worked with the scheme's trustees since 2007 with a mandate to de-risk the scheme.