Legal & General plans rival product to compete with new pension superfunds
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LONDON (Reuters) - UK insurer Legal & General aims to take on incoming pension superfunds with a similar product of its own to bolster corporate retirement schemes, a company executive told Reuters. Legal & General is already talking to employers and regulators about the product, which would be suitable for schemes that may not be able to afford a so-called bulk annuity - insurance that pensions will be paid in full - Laura Mason, CEO of Legal & General retirement institutional, said."We are..