L&G concludes $6.1bn buy-ins with Ford pension schemes
Legal & General Assurance Society (L&G) has completed two buy-ins totalling $6.12bn (£4.6bn) with pension schemes sponsored by Ford Motor Company (the Sponsor).
The two buy-ins, which were completed as part of one combined transaction, comprise the Ford Hourly Paid Contributory Pension Fund and the Ford Salaried Contributory Pension Fund (the Funds).
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According to the company, this represents the largest pension risk transfer deal in the UK this year and one of the largest in L&G’s history by premium size.
The deal is said to secure the benefits of more than 35,000 retirees across the Funds.
It also strengthens the partnership between the Funds’ trustees and L&G, with the latter’s asset management business providing investment management services to these funds for more than a decade.
Chair of the Trustees Jonathan Wood stated: “Having worked towards this for many years, we are delighted to have achieved this significant further de-risking milestone, providing even greater security for our members.
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By GlobalData“We are delighted to extend our long-standing partnership with L&G through the buy-in for the Funds and look forward to working together to continue to support our members.”
Prior to the market offering, the Trustees of the Funds, in collaboration with Aon and the Ford in-house investment management team, aligned their investment strategies with insurer investment portfolios.
L&G facilitated a price lock directly linked to the Funds’ assets, providing price stability during the finalisation of the contractual terms.
The premiums were paid through in-specie asset transfers.
L&G CEO António Simões said: “This £4.6bn transaction puts us firmly on track to achieve our PRT [pension risk transfer] growth targets. Our long-term relationship with Ford is a great example of the competitive edge that comes from the synergies between L&G’s businesses, and the ongoing value this creates for trustees, sponsors and pension scheme members.”
Earlier this month, L&G appointed Scott Wheway as its new chair, effective 2 January 2026.
In March this year, L&G concluded buy-ins with three pension schemes sponsored by Anglo American Services UK, totalling £785m.
The schemes include the Tarmac UK pension scheme, the Tarmac ‘B’ pension scheme and the Anglo UK pension scheme.
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