Legal & General agrees $300 million pensions deal with Newell Rubbermaid

LONDON (Reuters) – Legal & General has agreed a 225 million pound ($296.42 million) bulk annuity deal with Newell Rubbermaid UK Pension Scheme, the British insurer said on Friday.

L&G is one of the biggest players in the UK bulk annuity market, which involves insuring company defined benefit, or final salary, pension schemes.

Many such schemes are in deficit and companies are keen to offload the risk from their balance sheets.

Some industry players expect record levels of bulk annuity deals in Britain this year of nearly 50 billion pounds.

($1 = 0.7591 pounds)

(Reporting by Carolyn Cohn. Editing by Jane Merriman)