L&G provides PPF+ buyout to John Townsend scheme

Deal initially structured as buy-in before full handover to L&G expected next year

James Phillips
clock • 3 min read
Open Trustees' Jonathan Hazlett
Image:

Open Trustees' Jonathan Hazlett

The John Townsend Trust Pension and Assurance Scheme has agreed a buy-in to buyout deal with Legal & General (L&G) Assurance Society, insuring benefits above the level of compensation provided by the Pension Protection Fund (PPF).

The £30m transaction completed on 1 November and covers the benefits of more than 280 members of the charity pension scheme. A PPF assessment period had begun in December 2015 following the insolvency...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Law and Regulation

14% of those surveyed expected superfunds to be fully up and running in the next 12 months

Superfunds won't be ready in 2022, industry says

Majority of poll respondents doubt whether the system can get up and running

Hope William-Smith
clock 26 November 2021 • 2 min read
Tender Watch: Border to Coast appoints five

Tender Watch: Border to Coast appoints five

The LGPS pool has appointed five firms for investment management services

Professional Pensions
clock 26 November 2021 • 1 min read
TPO, TPR, and MoneyHelper are working together

TPO warns over unpaid workplace contributions

Ombudsman has joined with MoneyHelper and TPR to launch a factsheet

Hope William-Smith
clock 26 November 2021 • 1 min read