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The Tioxide Pension Fund, of global chemical firm Venator Group, agreed a £430m buy-in in November, securing the benefits of around 2,700 pensioners and deferred members.
The pension fund signed the deal with Legal & General. It is an existing client of Legal & General Investment Management since 1995.
The trustee and sponsor appointed Aon as their specialist adviser for the transaction, while legal advice was provided to the trustee by Addleshaw Goddard. Law firm Clifford Chance advised L&G on the deal.
Trustee chair Sally Roberts thanked the trustee’s advisers, calling the buy-in a positive outcome for the fund and members.
“We are very happy to have secured our members’ benefits fully through this transaction and achieve our long-term objective for the fund,” she said.
Aon associate partner Charlotte Quarmby said that after careful consideration of different factors, the trustee and sponsor were able to lock into the position with L&G and, “just as work was being done to finalise the transaction”, to weather the storm of the most volatile market conditions of recent years.
“This transaction exemplifies what can be achieved by careful stewardship and a collaborative approach,” she added.
Rachel Cutts, director at L&G Retirement Institutional, thanked the trustee and its advisers for their collaborative approach throughout the process.
“We’re looking forward to warmly welcoming the fund’s members and supporting them in the future,” she said.