Anglo American Services (UK) has completed a £785m combined buy-in with Legal & General Assurance Society (L&G) for three of its defined benefit (DB) schemes: The Tarmac UK Pension Scheme, the Tarmac ‘B’ Pension Scheme and the Anglo UK Pension Scheme.

The buy-ins, which were completed as part of one combined transaction, secured the benefits of over 5,100 retirees and 2,500 deferred members.

L&G provided a price lock based on the schemes’ assets throughout the transaction process to ensure pricing certainty as the transaction terms were finalised.

Mercer acted as lead transaction adviser and advised the schemes’ three trustee boards, with legal advice provided by Gowling WLG and Sackers. Clifford Chance provided legal advice to L&G.

The trustees’ respective chairmen, Keith Jackson and Tony Davies, said the buy-ins were the culmination of many years of hard work as they implemented a long-term de-risking strategy fully supported by Anglo American.

“We want to thank our fellow trustees, the group pensions manager for Anglo American and our professional advisers, Mercer, Gowling, Aon, Sackers and Capita, for their important roles throughout the process in completing the buy-in transactions, which further increase the security of the members’ insured benefits,” they continued.

“L&G was selected for a number of qualitative factors, including its long and successful track record in both the bulk and individual annuity business, financial strength and administration capabilities, with a deep-seated commitment to customer care.”

This was L&G’s first publicly announced transaction of 2025, following global pension risk transfer volumes of £10.7bn in 2024.

L&G CEO of institutional retirement, Andrew Kail, added: “Helping these schemes achieve their endgame objectives marks a strong start to another busy year in the pension risk transfer market.

“We are committed to providing a secure home for the insured benefits of the schemes’ members, and we look forward to supporting them in their retirement.

“The outlook for this year remains exceptionally positive, and with a busy market, our pipeline remains as strong as ever across all sizes of transactions."

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