Administration December 1, 2022

Legal & General Completes PRT Deal with Rolls-Royce North America

Legal & General completed the pension risk transfer for $145 million.

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Legal & General Retirement America completed a $145 million pension risk transfer transaction with Rolls-Royce North America, Inc., the companies announced Thursday.

The deal, which closed in July, covered approximately 1,200 participants from the Retirement Plan for Rolls-Royce North America, according to a press release.

Rolls-Royce did the deal in part to secure retirement income for pension beneficiaries, added Fiona Brown, group head of pensions at Rolls-Royce.

“We are pleased to have secured the retirement income for our former colleagues and their families, which is the result of prudent funding of our pension plan over many years,” she said in the press release. “As well as providing further security for pension participants, the transfer strengthens and de-risks our balance sheet which is good for our business, employees and investors.”

Pension risk transfer allows defined benefit retirement plan providers to remove some or all the obligation to pay guaranteed retirement benefits to plan participants.

“We are thrilled to expand the relationship between Legal & General and Rolls-Royce with this transaction, ” said George Palms, president of Legal & General Retirement America, in the release.

Legal & General previously secured a transaction with the Rolls-Royce UK Pension Fund and a buyout for the Vickers Group Pension Scheme, a company subsidiary, the release adds.

Legal & General Retirement America is a business unit of Legal & General America, headquartered in Urbana, Maryland,
that specializes in pension risk transfer for U.S institutional clients. The Legal & General America companies are part of the Legal & General Group, a British multinational financial services and asset management company headquartered in London.

As of December 31, 2021, Legal & General had $1.7 trillion in total assets under management, according to the press release.

Neither Legal and General Retirement America nor Rolls Royce responded to questions about the deal.  

Deals and People December 1, 2022

2023 Plan Adviser of the Year Nominations Are Open

Do you work with or know of a great plan adviser or plan adviser team?

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As we have in previous years, PLANADVISER is soliciting your help in identifying the best retirement plan advisers in the country. If you work with or know of a great plan adviser or plan adviser team, please help us recognize the best in the business.

Nominations for the 2023 PLANADVISER Retirement Plan Adviser of the Year awards are now being accepted in six categories:

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  • Plan Sponsor Service – Finalists and winners in this category stand out for their innovation and dedication in the service of retirement plan sponsor clients, with a particular focus on the efficient and effective delivery of plan-level support. The Plan Sponsor Service category is supposed to recognize those directly serving and working with plan sponsors, and it should be names that are recognizable to the plan sponsor client.
  • Plan Participant Service – Finalists and winners in this category stand out for their innovation and dedication in the service of retirement plan participants, with a particular focus on the efficient and effective delivery of individual-level advice and education.
  • Mentorship – Finalists and winners in this category stand out for their commitment and success in supporting the personal and professional growth of their firm’s staff, their fellow advisers and their industry peers.
  • Efforts in Diversity, Equity and Inclusion (DEI) – Finalists and winners in this category stand out for their success in addressing the financial services industry’s clear and present diversity problem, with a particular focus on the importance of creating equitable and fair workplaces.
  • Community Impact and Giving Back – Finalists and winners in this category stand out for their commitment to serving and supporting the local, regional, national and global communities in which they operate, from both a philanthropic and volunteering perspective.
  • Closing the Coverage Gap – Finalists and winners in this category stand out for their dedication to helping more Americans, especially those who work for small businesses or are members of underrepresented communities, save for retirement in the workplace, including by working with multiple employer plans or pooled employer plans.

Nominations are being solicited from plan sponsor clients, employers and brokers/dealers, as well as from working partners of these advisers, such as product and service providers, investment vendors, accountants, attorneys and plan administrators. However, self-nominations are not permitted, and the plan sponsor and participant service categories are only accepting nominations from plan sponsor clients.

Award recipients across all categories will be honored at the PLANADVISER Industry Leaders Awards on May 10, 2023, in New York City. Finalists and winners for Retirement Plan Adviser of the Year awards will be featured online at PLANADVISER.com and in PLANADVISER magazine. Previous Retirement Plan Adviser of the Year winners can be viewed at https://www.planadviser.com/awards/. NOTE: We welcome all nominations; however, advisers or teams will not be considered in categories in which they won in the prior year.

The deadline for 2023 Retirement Plan Adviser of the Year awards nominations is January 15, 2023. Questions can be directed to awards@issmediasolutions.com.

If you’d like to view the nomination form before making your submission, you may do so here. The nomination form is here.

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