Pension Risk Transfer
Buy-in and buyout solutions for Defined Benefit Pension Schemes
Tailored solutions from the UK’s longest serving Pension Risk Transfer provider
We provide tailored buy-in and buyout solutions to help trustees and companies settle their pension obligations and secure scheme members’ benefits.
With nearly 40 years' experience, we have helped more than 4,000 pension schemes to protect their members’ retirement income.
Customers are at the heart of everything we do. We look after more than 1 million retirement policyholders and our award–winning service team maintains a world class Net Promotor Score of over +68.
Has your defined benefit pension transferred to us?
Visit our customer lounge for more information.
Looking to insure your pension scheme?
Discover how we can help you to remove risk and protect your members’ benefits.
What we offer
We offer a full range of pension scheme insurance for pension schemes of all sizes.
Recent transactions
L&G completes c.£1.6 billion buy-in with the BP Pension Fund
This marks a first transaction for the c.£18 billion Fund.
£800 million buy-in with the Honda Group UK Pension Scheme
This transaction secures the benefits of over 4,700 members.
Over £800m secured for smaller pension schemes using L&G Flow
L&G Flow is our tailored solution for smaller pension schemes, securing the benefits of thousands of pension scheme members across the UK.
£785 million buy-in for Anglo American pension schemes
This transaction covers the Tarmac UK Pension Scheme, the Tarmac ‘B’ Pension Scheme, and the Anglo UK Pension Scheme, securing the benefits of over 7,600 members.
£505 million buy-in with the Inchcape Motors Pension Scheme
Securing the benefits of 2,295 retirees and 5,890 deferred members.
£370 million buy-in with the TUI Group UK Pension Trust
We have completed a £370 million buy-in with the BAL section of the TUI Group UK Pension Trust.
£1.4 billion buy-in with the Sanofi Pension Scheme
This transaction secures the benefits of 4,900 retirees and 5,600 deferred members.
Legal & General completes £34 million buy-in with Walkers Shortbread Limited Retirement Benefits Scheme
We completed a £34 million buy-in with Walkers Shortbread's Retirement Benefits Scheme, securing benefits for 161 retirees and 238 deferred members.
Legal & General completes £1.1 billion full buy-in with Deutsche Bank Pension Scheme
We completed a £1.1 billion buy-in with Deutsche Bank's UK Pension Scheme, securing benefits for around 4,000 members and bringing total insured liabilities to £2.1 billion.
Legal & General completes £1.1 billion buy-in with the SCA UK Pension Plan
We completed a £1.1 billion buy-in with the SCA UK Pension Plan
Legal & General completes £21 million buy-in with The Leprosy Mission Central Pension Scheme
We completed a £21 million buy-in with The Leprosy Mission Central Pension Scheme
Legal & General completes third and final buyout with the Nortel Networks UK Pension Plan
We completed our third and final buyout with the Nortel Networks UK Pension Plan
Legal & General agrees £900 million buy-in with the ICI Pension Fund
We completed a c.£900 million buy-in with the ICI Pension Fund (“the Fund”), securing the benefits of over 7,000 retirees.
Legal & General £16 million buy-in with John Graham (Dromore) Limited Pension and Life Assurance Scheme
£16 million buy-in with John Graham (Dromore) Limited Pension and Life Assurance Scheme
Legal & General agrees £4.8 billion full buy-in for the Boots Pension Scheme
We agreed a £4.8 billion full buy-in for the Boots Pension Scheme, securing the benefits of all 53,000 retirees and deferred members of the Scheme. This marks the UK’s largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members.
Legal & General completes £500m buy-in with Deutsche Bank Pension Scheme
We completed a c.£500 million buy-in with the DB (UK) Pension Scheme, securing the benefits of around 2,000 retirees and deferred members.
Legal & General agrees c.£340m buy-in with the Cable and Wireless Superannuation Fund
C.£340 million buy-in with the Cable and Wireless Superannuation Fund, securing the benefits of around 1,800 retirees and deferred members.
Our principles
We’re committed to our customers through their lives and invest the premiums we receive in socially and economically useful investments.
News & insights
Global PRT Monitor
In our latest edition of the PRT Monitor, we analyse the global market dynamics and economic trends shaping today’s DB (Defined Benefit) pensions industry and examine the PRT (Pension Risk Transfer) landscape across the UK, US and rest of the world.
Celebrating one year in Glasgow
As we mark one year since opening our Glasgow office, we sat down with Team Manager, Fiona Quinn, to reflect on the journey so far, her experiences and some of her key highlights since joining L&G.
John Towner: 30 years of 'unfathomable' change in pensions
As part of Professional Pensions’ 30th anniversary celebrations, John Towner, Managing Director of UK PRT at L&G, talks about 30 years of pension changes, highlights, and what the future holds for the industry.
2025 half year PRT market update
Exploring our business performance and industry trends in the first half of 2025.
Buyout, run-on or both?
In this latest episode of The PRT Pod guests Rosie Twist, Origination and Execution Director at L&G and Laura Amin, Partner at LCP explore the range of endgame strategies available to DB schemes.
Our flagship customer event: BBC GWL 2025
In June, we returned to BBC Gardeners’ World Live in Birmingham for our flagship customer engagement event. We were pleased to welcome over 3,000 customers to our dedicated customer lounge.
Supporting our customers with additional needs
Every customer deserves to be treated with empathy, respect, and tailored support, especially those facing life’s greater challenges. Our latest video, “Supporting customers with additional needs,” shines a light on the people, principles, and practices that define our approach to customer care.
Meeting Our Client and Customer Service Apprentices
Meet Cara Epega and Max Eagle, two of our talented apprentices who make a difference in our Client and Customer Service team.
Endgame Insights
Our new report seeks to demystify the ‘endgame’ landscape and explore how Trustees can get the best outcome for their schemes.
Building meaningful connections with our customers
We aim to put customers at the heart of everything we do, which is why we host regular events throughout the year, enabling customers to meet our team in person.
PRT update – half year 2024
Download our half year 2024 PRT market update and latest client and customer service report
The British Steel Pension Scheme
In May 2023, we completed our fourth buy-in with the British Steel Pension Scheme as a final step to fully insuring the scheme. The transaction secured the remaining 40% of the liabilities bringing the total insured liabilities with L&G to c.£7.5 billion. In doing so, the scheme became the largest pension scheme in the UK to have secured full insurance
The de-risking journeys of large DB pension schemes
Download our research report
Market update FY 2023
Download our full-year 2023 PRT market update and latest client service report.
Client and Customer Services Animation
We’ve worked with defined benefit pension schemes for over 35 years. Providing income and security in retirement is a responsibility that drives everything we do.
UK and US PRT Monitor - February 2024
We have published our latest Pension Risk Transfer (PRT) Monitor, analysing the growing momentum in the UK and US PRT markets.
Meeting our customers in-person
We met our customers face-to-face at Inspired Villages' Ledian Retirement Village. These types of events enable us to strengthen our relationships with customers and provides them an opportunity to ask any questions about their pension.
Pension Risk Transfer Monitor - August 2023
We have published our latest Pension Risk Transfer (PRT) Monitor, analysing trends and dynamics in the UK and US PRT markets.
PRT update – half year 2023
Download our half-year 2023 PRT market update and latest client service report.
Our customer service ethos
Our multi-award-winning Client and Customer services team highlight how we put customers at the heart of everything we do.
Meet our Client and Customer Service team
Meet the team responsible for ensuring we deliver a great service to members.
Top 5 PRT trends for 2023
Aysha Patel, New Business Origination Lead at Legal & General, shares her top five trends that are set to shape the pension risk transfer industry in the new year and beyond.
UK and US PRT Monitor - February 2023
View our latest Pension Risk Transfer (PRT) Monitor, analysing the growing momentum in the UK and US PRT markets.
Raising the (West) Bar: Investing in Sheffield
Our CEO, Andrew Kail, recently returned to his hometown of Sheffield to explore how the power of pensions is helping to forge a bright future for the Steel City.
A proud signatory to the Sustainability Principles Charter for the bulk annuity process
We are proud to be founding signatory to Accounting for Sustainability’s Charter released early in 2024.
How to secure DB pensions in a crowded market
An insider guide on achieving the best outcome with your insurer of choice
Best Practice Guide
This insurer-led Best Practice Guide aims to help pension schemes to prepare for a quotation and drive greater standardisation and efficiencies across the market.
The PRT Pod
Our de-risking podcast that takes you under the umbrella at Legal & General to discuss the latest trends and market dynamics.
Celebrating 35 years
We are proud to be celebrating 35 years since our first Pension Risk Transfer transaction in 1987.
Newcastle Helix regeneration
Together with Newcastle City Council and Newcastle University, we have invested in Newcastle Helix, providing office space and jobs for the local community.
Our DBDC solution explained
If you choose to secure your DB pension benefits with Legal & General in a pension buyout, we can also offer you our DC proposition: the WorkSave Pension Mastertrust.
Get in touch
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Trustees & Advisers
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Media / Journalists
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Careers
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