Tim Lodge, Tate & Lyle’s chief financial officer, said: “Tate & Lyle is committed to meeting our pension commitments to existing and former colleagues. We are delighted the Group Scheme Trustee has secured this agreement with L&G, well known as a high quality long standing annuity provider.
“This transaction is an important step in our strategy to work with our schemes’ trustees and fiduciaries to reduce pension risk on a phased basis over time.”
The buy-in effectively covers around 43% of the Group Scheme’s total pensioner liabilities and represents approximately 30% of the scheme’s total liabilities based on the ‘Technical Provisions’ assumptions agreed with the Trustee at the last triennial valuation updated for current market conditions.
Source: Tate & Lyle
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