Provider and insurer also saw a 30% growth in AUM within its DC business
The buy-in follows a £3.4bn transaction between the two in 2019
It is the insurer’s third APP transaction and the largest APP transaction to date
Third bulk annuity for the scheme after 2016 and 2018 deals with PIC and L&G
Benefits for fewer than 60 members of the Tesco subsidiary scheme to head to buyout
The deal is the first announced by this insurer for 2021, with a focus on ‘value not volume’
L&G insures the benefits of around 1,200 members after working with the scheme for 12 years
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Deferred members comprised the majority of the insured 530-person cohort