Tate & Lyle agrees £930m pension de-risking deal with L&G

Sugar and sweeteners group Tate & Lyle said it had agreed a £930m pension scheme bulk annuity insurance buy-in with Legal & General.

The de-risking of the scheme means the company will save £20m in annual contributions, said Tate & Lyle chief financial officer Imran Nawaz on Thursday.

Under the deal Tate & Lyle would no longer bear any investment, longevity, interest rate or inflation risk not contribute any incremental funding into the scheme.

"This transaction represents a good outcome for our UK scheme members, the company and our shareholders. We have supported the scheme over many decades and made significant cash contributions to remedy a deficit that has existed between the scheme's assets and liabilities,” Nawaz said.