14 Nov 2024

Legal & General completes £34 million buy-in with Walkers Shortbread Limited Retirement Benefits Scheme

Legal & General Assurance Society Limited (“Legal & General”) has completed a £34 million buy-in with the Walkers Shortbread Limited Retirement Benefits Scheme (“the Scheme”), securing the benefits of 161 retirees and 238 deferred members.

Man on phone with dog

  • The transaction was completed through Legal & General Flow, a tailored buy-in and buyout solution for smaller pension schemes.
  • Legal & General has completed 15 Flow transactions in the year to date, 13 of which were with clients of its Asset Management business and is continuing to increase capacity for 2025 and beyond.

The sponsoring employer, Walker's Shortbread Ltd., is a Scottish manufacturer of the finest shortbread, biscuits, cakes and oatcakes.

The Scheme is a client of Legal & General’s Asset Management division, which invested and managed all of the Scheme’s assets. This longstanding relationship led to the trustees working exclusively with Legal & General using its Flow solution.

Under Flow, Legal & General provided the trustees with immediately transactable pricing, which was locked to the value of the Scheme’s assets, so that the trustees could move quickly to complete the transaction knowing that affordability wouldn’t change. As the Scheme was invested in Asset Management funds, the trustees were able to pay the premium via novation of their unit investments, ensuring an efficient asset transfer with no additional costs.

Read the full press release

Learn more about Flow