Legal & General is engaged in offering life insurance, pensions and investment management services. Credit: Ceri Breeze via Shutterstock.

Legal & General has completed a £370m buy-in with the BAL section of the TUI Group UK Pension Trust.

This deal, which was finalised in late 2024, comes after a first £610m transaction in 2021 and now all section benefits are secured.

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Following the initial transaction, the trustee worked collaboratively with Legal & General to monitor pricing for a period of 18 months and ensured they were in a position to react to favourable market conditions and transact at an opportune time. This also ensured an efficient transaction while affordability remained attractive.

Adrian Somerfield, Director, Institutional Retirement, Legal & General, said: “We are pleased that the Trustee has chosen to secure all section benefits with us. Working collaboratively with the Trustee, Sponsor and their advisors, we helped implement an efficient solution for the Scheme’s illiquid investments and now look forward to supporting the members over the long term.”

Mike Roberts, PAN Trustees Partner, Chair of Trustee, added: “Securing the benefits for our members has been the aim of the Trustee for many years, and we are delighted to have achieved another successful transaction. This is a prime example of how collaboration between all parties can get the best outcome for members of the Scheme.”

Imogen Cothay, Partner, LCP, commented: “This latest transaction represents a significant milestone, with all members’ benefits in the section now insured in full. Having advised the Trustee since 2011, it has been a pleasure to support the Trustee in its collaboration with TUI UK to develop and implement a long-term plan for the Scheme, and to have seen this achieved so successfully.”

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Nick Dunk, Group Pensions Manager, TUI, continued: “Following a collaborative process working with the Trustee, we are pleased to have completed a further transaction in respect of the Trust as part of our de-risking journey. We have now worked to fully insure the liabilities of two Sections of the Trust which provides further security for both members and TUI.”