The British Steel Pension Scheme (BSPS) has completed a £2.7bn buy-in deal with Legal & General (L&G) to fully secure the remaining 40% of the scheme’s liabilities.
The fourth and final bulk annuity transaction between the BSPS and L&G follows deals agreed in November 2021, March 2022 and in January this year. Through the transactions, the BSPS has become the largest scheme in the UK to be fully insured, with the benefits of around 67,000 scheme members now fully secured. The completion of the transaction means the scheme has now reached a sufficient funding level which will enable the trustee to make additional restoration payments to members under the agreement reached when the scheme was first established. L&G Retirement Institutional chief ex...
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