Core Insights - Legal & General Assurance Society Limited (L&G) has completed a £96 million buy-in with the Cosworth Racing Limited Pension Fund, securing pension benefits for over 1,000 retired and deferred members [1][3] - This transaction follows a previous £4.6 billion buy-in involving two other pension schemes sponsored by Ford Motor Company Limited, indicating ongoing collaboration between L&G and Ford [3][6] - The buy-in was facilitated through a direct transfer of existing pooled assets, allowing for an efficient process without additional costs [4][6] Transaction Details - The Fund is managed by PAN Trustees UK LLP, which acted as the Professional Corporate Sole Trustee [3] - Aon served as the lead transaction adviser, scheme actuary, and investment consultant for the Trustee, while legal advice was provided by Gunnercooke and Slaughter and May [5] - The transaction is seen as a culmination of years of preparation, including the strategic merger of different schemes into a single pension fund in 2012 [6][7] Stakeholder Comments - Andrew Kail, CEO of Institutional Retirement at L&G, expressed satisfaction in helping secure retirement benefits for the Fund's members [5] - Andrew Firbank from PAN Trustees highlighted the achievement of greater security for members through the buy-in [6] - Hannah Brinton from Aon noted that flexible governance and focused preparation enabled the Fund to access exceptional pricing and terms for the transaction [7]