By IPE Staff2020-12-10T12:14:00+00:00
Northern Gas Networks Pension Scheme has agreed a a £385m (€415m) buy-in transaction with Legal & General Assurance Society Limited, securing the pension benefits of more than 600 retirees.
Northern Gas Networks (NGN) is the gas distributor for the North of England, transporting gas to 2.7 million homes and businesses across the North East, most of Yorkshire and northern Cumbria.
The scheme is an existing client of Legal & General, with Legal & General Investment Management (LGIM) having managed a proportion of the fund’s assets since the scheme was established in 2005.
This transaction is the scheme’s first buy-in policy and covers around two thirds of its members, it was announced.