Press Release

Legal & General Retirement America Completes Pension Risk Transfer Deal with Rolls-Royce North America Inc.

Issued by Legal & General

Dec. 1, 2022

LGRA Announces c.$145 million plan termination

STAMFORD, Conn. -- Legal & General Retirement America (LGRA) announced today that it has completed a c.$145 million pension risk transfer (PRT) transaction with Rolls-Royce North America Inc. The deal, which closed in July, covered approximately 1,200 plan participants from the Retirement Plan for Rolls-Royce North America, and came on the heels of LGRA’s largest H1 to date in the US PRT market. Aon advised Rolls-Royce on this transaction.

Legal & General Group (Legal & General) has a long-standing relationship with Rolls-Royce providing both investment and pension de-risking expertise and support in the UK. In 2019, Legal & General secured a £4.6 billion transaction with the Rolls-Royce UK Pension Fund, and in 2016, a £1.1bn buyout for the Vickers Group Pension Scheme.

George Palms, President, Legal & General Retirement America

“We are thrilled to expand the relationship between Legal & General and Rolls-Royce with this transaction and are committed to providing these participants with the world class customer service for which we are known. This deal demonstrates Legal & General’s position as a global PRT market leader and underscores why companies value our pension risk solutions.”

Fiona Brown, Head of Pensions, 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. 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. We will always act to ensure that our pension promises are fulfilled.”

About Legal & General Retirement America

Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the U.S. market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group. CN 11282022-1

About Legal & General

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

*at 31 Dec 2021

About Rolls-Royce Holdings plc

Rolls-Royce pioneers the power that matters to connect, power and protect society. We have pledged to achieve net zero greenhouse gas emissions in our operations by 2030 (excluding product testing) and joined the UN Race to Zero campaign in 2020, affirming our ambition to play a fundamental role in enabling the sectors in which we operate achieve net zero carbon by 2050.

Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces and navies, and more than 5,000 power and nuclear customers.

Annual underlying revenue was £10.95 billion in 2021, underlying operating profit was £414m and we invested £1.18 billion on research and development. We also support a global network of 28 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.

Rolls-Royce Holdings plc is publicly traded company (LSE: RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

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