L&G wins £2.5bn bulk annuity deal

Legal & General (L&G) has secured a £2.5bn bulk annuity deal with the TRW pension scheme, taking total annuity transactions to £8.3bn year to date.

The deal will insure over 22,000 of the scheme’s pensioners, according to L&G. Earlier this month L&G reported £800m in bulk annuity business in the fourth quarter; the group said today that this total “very largely represented the initial tranches of the TRW transaction”. The deal follows on from the £3bn deal secured with the ICI pension fund earlier this year, the largest ever bulk annuity transaction in the UK. The ICI deal was seen by analysts and fund managers as an indication that the bulk annuity business would continue to be a revenue driver for the group, even as the idiv...