Legal & General Inks Pension Annuity Contract with Philips
October 02 2015 - 1:39AM
Dow Jones News
LONDON--Legal & General Group PLC (LGEN.LN) said Friday that
it has entered into a pension annuity contract with a U.S. unit of
Koninklijke Philips N.V. (PHIA.AE).
The British financial services company has entered into an
agreement to provide retirement payments under a group annuity
contract to around 14,000 of Philips' U.S. retirees and other
former employees. The pact is expected to reduce pension
obligations of the electronics company.
Under the agreement, Philips is transferring $900 million of its
pension obligations equally between Legal & General America and
Prudential Insurance Company of America, with each insurer
providing 50% of the total monthly benefits to Philips'
retirees.
Write to Tapan Panchal at tapan.panchal@wsj.com
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(END) Dow Jones Newswires
October 02, 2015 02:24 ET (06:24 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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