04 October 2023

Legal & General agrees c.£340m buy-in with the Cable and Wireless Superannuation Fund

Legal & General Assurance Society Limited (“Legal & General”) today announces it has agreed a c.£340 million buy-in with the Cable and Wireless Superannuation Fund (“the Fund”), securing the benefits of around 1,800 retirees and deferred members.

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The sponsoring company, Cable and Wireless Limited (“the Sponsor”), is part of Liberty Latin America, a provider of telecommunications services in more than 20 countries. The Fund is a long-standing client of Legal & General Investment Management (“LGIM”) and is an existing policyholder of Legal & General.

This buy-in marks the Fund’s third and final transaction with Legal & General, following buy-ins in 2017 and 2019. It is the culmination of a process of reducing investment and longevity risk in the Fund, begun in 2008 when it purchased its first buy-in with another provider. The Fund has now insured all of its members.

With support from Legal & General, the Trustee of the Fund was able to react to changing market conditions and transact at an opportune time. Legal & General provided a tailored solution to secure a complex, multi-currency benefit structure, which included a price lock to the value of the Fund’s LGIM assets.

Read the full press release here