Legal & General, the UK insurer with a history of acquiring closed company pension schemes, has signed its biggest deal to date, confirming the market’s return to health this year.
L&G is taking on the management of £4.6bn in pension assets from Rolls-Royce, which is famed for the luxury car brand but today is the world’s second-largest maker of aircraft engines. L&G said the deal was not only its largest, but the biggest signed so far in the market.
