Legal & General (L&G) has completed a £130m ($181m) buy-in transaction with the QinetiQ pension scheme, covering the pension benefits for 390 new retirees since a previous £690m pensioner buy-in in April 2019 with Scottish Widows.
This is the scheme’s first buy-in transaction with L&G, and as part of the agreement, an umbrella contract was established, which enables future transactions with the insurer to be completed quickly and easily on the same pre-agreed terms when favourable pricing opportunities arise.