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

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...

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