The Boots Supplementary Pension Plan has completed a £50m full scheme buy-in with Legal & General (L&G) Assurance Society, covering the retirement benefits of more than 110 members.

As reported by our sister title, Pensions Age, Aon advised the trustees on the transaction, while legal advice was provided to the trustee by Sackers, and to L&G by Clifford Chance.

The sponsoring employer, Boots, also has a long-standing relationship with L&G, which has provided the scheme with investment management services for over 20 years.

Aon Risk Settlement Group senior consultant, Lisa Varley, highlighted the transaction as "an important move for the trustees and sponsor in securing plan members’ benefits".

"Despite a very busy market, we saw considerable appetite from insurers," she continued.

"The successful outcome illustrates that there are excellent opportunities for sub-£100m schemes, as long as insurers can see a clear line of sight to a successful transaction.”

Adding to this, L&G UK pension risk transfer new business origination lead, Aysha Patel, commented: “We are delighted to have agreed this transaction with the trustees, with whom we have enjoyed a close relationship for more than 20 years.

"We look forward to continuing to build on our relationship with the trustees and sponsor."

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