The Wood Pension Plan has completed a £1.65bn bulk purchase annuity buy-in with Legal & General, securing benefits for all 16,400 members.
“We are delighted to have completed a buy-in with L&G after a thorough and competitive process. The buy-in is a significant milestone for the Wood Pension Plan in reducing risk and improving further the security of our members’ benefits. The trustee’s objectives in approaching the market were to secure excellent value for money and to ensure that the outstanding service we provide to members through the Wood Pensions team would continue into the long-term future. In L&G, we are confident that we have selected a partner that fully meets our objectives, while also sharing our values and commitment to member service and experience,” said Mervyn Walker, Chair of Wood Pensions Trustee.
“Working closely with the trustee, sponsor and LCP, we were able to deliver our shared goal of securing members’ benefits and ensuring they are well supported over the long term. The importance placed on member experience and cultural alignment speaks directly to what L&G’s Institutional Retirement business has built over the last four decades: deep PRT expertise, a trusted brand and the experience needed to support customers well beyond the point of transaction. As the market continues to grow, our focus remains on using our scale and capabilities selectively to support high-quality transactions that deliver lasting value for schemes and their members,” added Gareth Mee, CEO, Institutional Retirement, L&G.
LCP acted as lead transaction adviser. The Trustee was advised by Gowling WLG, Wood Group was advised by Pinsent Masons and L&G was advised by CMS.
“This transaction demonstrates the value of a well-prepared and carefully managed process. We worked closely with the trustee and Wood to present the Plan clearly and compellingly to the market. This drove strong insurer engagement and competition on price, alongside tailored solutions to address the non-price features that mattered most to the trustee and members. From a strong final round, L&G’s proposal stood out for the way it met the plan’s specific requirements and the wider objectives of the trustee and sponsor,” said Clive Wellsteed, Partner and Lead Transaction Adviser at LCP.
