Legal & General completes £1.4 billion buy-in with the Sanofi Pension Scheme
We completed a £1.4 billion buy-in with the Sanofi Pension Scheme, securing the benefits of 4,900 retirees and 5,600 deferred members.
The sponsoring employer, Aventis Pharma Limited, is part of the Sanofi group, a French multinational pharmaceutical and healthcare company.
The Scheme is a long-standing client of Legal & General’s Asset Management division, which has managed Scheme assets since 1999.
Today’s announcement marks a further buy-in with Legal & General by the Scheme, following a £760 million partial buy-in announced in 2021, and means that all members of the Scheme are now insured via buy-ins with Legal & General. The Scheme benefited from an umbrella agreement established with Legal & General as part of the 2021 buy-in, which ensured a very smooth documentation process.