Tate & Lyle agrees £930m buy-in with L&G

first_imgUK food and beverage company Tate & Lyle has sealed a £930m (€1bn) buy-in with Legal & General (L&G) for its defined benefit pension scheme.The bulk annuity covers roughly 4,800 members of the defined benefit (DB) scheme, according to a press release from L&G, and follows a previous transaction with the same insurer completed in 2012, worth £347m.It means the entirety of the £1.2bn Tate & Lyle Group Pension Scheme is now insured with L&G. According to LCP, which advised the trustee board on the deal, the pension scheme had put a long-term de-risking strategy in place following the 2012 buy-in.  Credit: Tafilah YusofTate & Lyle is best known for its sugar and sweetener products“It is transactions like this that are providing unstoppable momentum in the buy-in and buyout market with over £30bn of deals since this time last year. We expect a flurry of transactions to follow in Tate & Lyle’s footsteps over the next few months.”Michael Chatterton, a managing director at Law Debenture and chair of the scheme’s trustee board, added: “We never imagined only a couple of years ago that there would be such an opportunity on the horizon.“It is a fantastic conclusion to the de-risking plan that LCP helped us agree six years ago with the company and provides a blueprint for other schemes working towards full insurance.”Imran Nawaz, Tate & Lyle’s chief financial officer, said the deal would save the group £20m a year from 2021, “allowing the company to focus our future investments on delivering profitable growth”.Meanwhile, L&G Retirement’s institutional CEO Laura Mason said the deal would allow the insurer to invest in “important areas of the UK economy such as affordable housing, renewable energy and transport”.Macfarlanes provided legal advice to L&G, while Linklaters advised the trustee board. Clive Wellsteed, partner at LCP, said: “After identifying that the scheme could be within touching distance of full insurance in early 2019, well ahead of schedule, we worked closely with the trustees and company to navigate a hugely busy market and lock in the position with Legal & General.last_img read more

Miller: NBA’s offseason intrigue more riveting than regular season

first_imgKevin Durant made the cover of Sports Illustrated this month simply because he switched teams, pro basketball’s transition game again yielding in significance to its transaction game.I have to be honest, until he signed with the Lakers, Timofey Mozgov seemed about as relevant in the NBA as a Zamboni. Then, in an instant, he couldn’t have been more popular on social media had his name been Timofey Kardashian.Where players once were celebrated for breaking their opponents’ ankles, they now are recognized more for breaking their fans’ hearts.LeBron James “The Decision” is still more jarring than LeBron James “The Block,” the former also leading directly to two championships compared to only one for the latter.What these players might do in the first week of July is now undeniably titillating, particularly when compared to what they might do in the first quarter of a game in January. The TV ratings for this season’s NBA Finals were down from a year ago until Game 7 produced the highest number since Michael Jordan was making history happen for the Bulls.Yet, no one, at least based on the sheer volume being produced by various media outlets, can consume enough speculation about who’s coming, who’s going and who’s staying put.Just take Blake Griffin, who, given the rumors, is doing all three of those things and probably at the same time.Last week, the story was about the Clippers trading Griffin to Boston, perhaps at any moment. This week, the story was about Oklahoma City signing Griffin next summer to pair with Russell Westbrook.The second report ran in direct contrast to the report that had Cleveland pursuing both Griffin and Westbrook, assuming the report that had Chicago preparing to trade Taj Gibson and Nikola Mirotic for Griffin doesn’t happen first.At this rate, by the end of July, about the only team not linked to Griffin will be the Clippers, and they’re the ones who actually have him and, in all likelihood, will still have him when the 2016-17 season opens.Doc Rivers, who not only coaches the Clippers but also makes pretty much every important decision about the franchise not relating to Chuck the Condor, has made a point in the past of emphasizing his desire to keep Griffin.It is a well-reasoned stance, seeing how Griffin is really good at basketball and the Clippers are interested in remaining really good at basketball, too.According to those who know these things, the Clippers are focused on adding stars – that is the trend in the NBA, you know – not subtracting them.But, I will admit, we can’t be 100-percent certain about any of this stuff anymore, the only evidence needed being all those stories about how Durant was going to remain with the Thunder.There has been speculation about Griffin and the Clippers parting ways going back to the NBA trade deadline in February, when his potential landing spots were rumored to be Atlanta, Boston, New York and Denver.Eventually, someone is bound to be right about Griffin leaving, even baseball’s worst hitters – by which I mean everyone who has attempted to play left field for the Angels since 2014 — manage a batting average above .000.Until then, we must rely on the insight of “sources,” some of whom have insight that isn’t terribly insightful at all.I know The Oklahoman employs plenty of quality journalists. So I’m not sure why the newspaper felt the need to, in a story about Westbrook, report the following: “One source described him as ticked off about the Kevin Durant departure.”Really? No way. I’m pretty certain everyone else assumed this fact without consulting their sources. I mean, being abandoned in Oklahoma is bound to tick off anyone who, legally speaking, can’t be classified as livestock.But I don’t blame The Oklahoman for chasing every story angle when it comes to the Thunder. This is summer, after all, a time when the NBA is free to fascinate us without also burdening us with actual games.It is the greatest example yet of the proliferation of fantasy sports, reality having no place in a world where a player the quality of Blake Griffin, who once jumped over a car to dunk, can be passed around like an old trade-in.Yeah, so many of these rumors seem like long shots, but long shots sometimes do go in. Who knows? Soon enough, the longest of them could even be worth four points. No one knows basketball success quite like Phil Jackson, who can’t even wear all his NBA title rings simultaneously unless he pierces his ears with two of them and sticks the 13th through his nose.So it was notable recently when Jackson suggested the league could increase its appeal by adding a 4-point shot.Like the idea or not, you have to appreciate Jackson trying to come up with a way of making things more interesting.Frankly, these days, the NBA offseason is way more entertaining than the NBA in season; the games are helplessly definitive while the off-court possibilities are limitless – in both number and intrigue.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more