U.K.-based Legal and General (L&G), the U.K.’s number one retail life insurer, announced it’s launching a blockchain solution for pension risk transfer through Legal and General Reinsurance. The group has more than a trillion pounds ($1.27 trillion) in assets under management.
Update: questions and answers from L&G have been added at the bottom.
One often hears of large companies with pension deficits. The assets they have accumulated to support their defined benefit pension schemes are less than the liabilities for pension annuities. That’s often the result of investment returns differing from earlier predictions. One way to address the issue is to get an insurer to take on the risk of a shortfall, so-called pension risk transfer (PRT).
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Image Copyright: Legal an General
