The Leprosy Mission Central Pension Scheme has completed a £21m buy-in with Legal and General, insuring the benefits of 197 retirees and 88 deferred members.

The scheme has been a client of Legal & General Investment Management (LGIM) for six years, working on an exclusive basis with Legal & General on the deal.

Legal & General provided a price lock to the scheme's LGIM funds and received a novation of the LGIM fund units at mid-price, securing cost certainty during the transaction process.

The trustees were advised by First Actuarial and Osborne Clarke provided the trustees with legal advice.

Commenting on the deal, The Leprosy Mission International head of finance, Gladstone Worthington, said that the group is “delighted” to have brought security to their members' pensions via its policy with Legal & General.

“This was a complicated project, and we thank First Actuarial and Osborne Clarke for the clarity and expertise they brought in assisting us through the process,” Worthington added.

“Legal & General have been our preferred partner throughout the project due to our existing relationship, and we look forward to working closely with them as the scheme moves to buyout.”

Adding to this, First Actuarial head of risk transfer, Declan Keohane, said: “We have worked closely with the trustees and sponsor to choose a partner and execute the transaction.

“By securing a buy-in with Legal & General, the trustees have improved security for scheme members and the sponsor has materially reduced its exposure to pensions risk.

“We look forward to working with Legal & General over the coming months to move the scheme from buy-in to buyout.”

Legal & General, senior actuarial analyst UK pension risk transfer, Laurence Crimble, also emphasised the value of close collaboration throughout the transaction process, adding: “We are pleased that the scheme has chosen to secure its members’ benefits with us.”

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