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.
Aerospace and Defence
11,481.67
16:49 23/09/24
0.48%
54.55
FTSE 100
8,259.71
16:59 23/09/24
n/a
n/a
FTSE 350
4,558.45
16:49 23/09/24
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FTSE All-Share
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Legal & General Group
224.30p
16:40 23/09/24
0.27%
0.60p
Life Insurance
5,564.55
16:49 23/09/24
0.88%
48.62
Rolls-Royce Holdings
530.20p
17:15 23/09/24
0.76%
4.00p
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.