The TRW Pension Scheme has secured a £2.5bn pensioner buyout with Legal & General (L&G) after a year-long liability management project involving pension increase exchange (PIE) and enhanced transfer value (ETV) exercises.
The deal moves approximately 22,000 of the fund's 45,000 members, and two-thirds of its liabilities, out of the scheme. Before transacting, the scheme offered more than 15,000 pensioners the cha...
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