Tate & Lyle, the foods and ingredients manufacturer, has signed a deal with Legal & General to buy out around a third of its £1.1bn pension fund – a big and high-profile transaction at the end of a quiet year for pensions buyouts.

The deal, announced this morning, involves Tate & Lyle paying £347m from its pension fund in a mixture of cash and bonds to Legal & General, in exchange for a guarantee from the insurer covering about 30% of its pension liability.

Tate & Lyle sweetens pensions with £350m deal

The transaction with Legal & General is 2012's biggest, following a quieter year in the pensions buyout market

Mark Cobley

Legal & General

Tate & Lyle

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