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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 3,500 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 70.

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.

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What we offer

We offer a full range of pension scheme insurance for pension schemes of all sizes.

Recent transactions

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£34 million buy-in with Walkers Shortbread's 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
Office building

£1.1 billion buy-in with Deutsche Bank's UK 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.
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Legal & General completes £1.1 billion buy-in with the SCA UK Pension Plan

Legal & General completes £1.1 billion buy-in with the SCA UK Pension Plan
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Legal & General completes £21 million buy-in with The Leprosy Mission Central Pension Scheme

Legal & General completes £21 million buy-in with The Leprosy Mission Central Pension Scheme
Glass building

Legal & General completes third and final buyout with the Nortel Networks UK Pension Plan

Legal & General completes third and final buyout with the Nortel Networks UK Pension Plan
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Legal & General announces a c.£900 million buy-in with the ICI Pension Fund.

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has completed a c.£900 million buy-in with the ICI Pension Fund (“the Fund”), securing the benefits of over 7,000 retirees.
John Graham press release

Legal & General announced a £16 million buy-in with the John Graham (Dromore) Limited Pension and Life Assurance Scheme

Legal & General £16 million buy-in with John Graham (Dromore) Limited Pension and Life Assurance Scheme
External view of a Boots shop

Legal & General agrees £4.8 billion full buy-in for the Boots Pension Scheme

Secures the benefits of all 53,000 retirees and deferred members of the Scheme, making it the UK’s largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members.
Looking up at tall office buildings

Legal & General completes £500m buy-in with Deutsche Bank Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) has completed a c.£500 million buy-in with the DB (UK) Pension Scheme (“the Scheme”), securing the benefits of around 2,000 retirees and deferred members.
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Legal & General agrees c.£340m buy-in with the Cable and Wireless Superannuation Fund

Legal & General Assurance Society Limited (“Legal & General”) today announces it has agreed a c.£340 million buy-in with the Cable and Wireless Superannuation Fund (“the 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.

Customer care

We pride ourselves on the high level of service that we deliver to our customers.

We conduct our administration in-house and value the direct relationships that we have with our customers.

Environmental, Social and governance

ESG factors and impact investing in the real economy are at the heart of our investment approach.

Investing for good

Our purpose is to build a better society, while improving the lives of our customers and creating value for shareholders.

To do this we’re investing in long-term assets that benefit everyone from housing to renewable energy.

Meet the team responsible for your transaction

Our experts have an unrivalled breadth of experience and will support you every step of the way.

News & insights

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Endgame Insights

Our new Endgame Insights report seeks to demystify the ‘endgame’ landscape and explore how Trustees can get the best outcome for their schemes.

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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.
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PRT update – half year 2024

Download our half year 2024 PRT market update and latest client and customer service report
woman mentoring

Legal & General completes £1.1 billion buy-in with the SCA UK Pension Plan

Legal & General completes £1.1 billion buy-in with the SCA UK Pension Plan
woman working at desk

Legal & General completes £21 million buy-in with The Leprosy Mission Central Pension Scheme

Legal & General completes £21 million buy-in with The Leprosy Mission Central Pension Scheme
External view of a Boots shop

Legal & General agrees £4.8 billion full buy-in for the Boots Pension Scheme

Secures the benefits of all 53,000 retirees and deferred members of the Scheme, making it the UK’s largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members.
British steel

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
Glass building

Legal & General completes third and final buyout with the Nortel Networks UK Pension Plan

Legal & General completes third and final buyout with the Nortel Networks UK Pension Plan
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The de-risking journeys of large DB pension schemes

Download our research report
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Market update FY 2023

Download our full-year 2023 PRT market update and latest client service report.
Customer Service

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. 
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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.
Member events

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.
External view of a Boots shop

Legal & General agrees £4.8 billion full buy-in for the Boots Pension Scheme

Secures the benefits of all 53,000 retirees and deferred members of the Scheme, making it the UK’s largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members.
Looking up at tall office buildings

Legal & General completes £500m buy-in with Deutsche Bank Pension Scheme

Legal & General Assurance Society Limited (“Legal & General”) has completed a c.£500 million buy-in with the DB (UK) Pension Scheme (“the Scheme”), securing the benefits of around 2,000 retirees and deferred members.
Network of fibre optics

Legal & General agrees c.£340m buy-in with the Cable and Wireless Superannuation Fund

Legal & General Assurance Society Limited (“Legal & General”) today announces it has agreed a c.£340 million buy-in with the Cable and Wireless Superannuation Fund (“the Fund”), securing the benefits of around 1,800 retirees and deferred members.
Looking out of a plane window at the clouds

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.
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PRT update – half year 2023

Download our half-year 2023 PRT market update and latest client service report.
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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 the team Dan

Meet our Client and Customer Service team

Meet the team responsible for ensuring we deliver a great service to members. 
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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.
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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.
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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.
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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.
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How to secure DB pensions in a crowded market

An insider guide on achieving the best outcome with your insurer of choice
Long road

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.
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The PRT Pod

Our de-risking podcast that takes you under the umbrella at Legal & General to discuss the latest trends and market dynamics.
35 years

Celebrating 35 years

We are proud to be celebrating 35 years since our first Pension Risk Transfer transaction in 1987.
Newcastle-Helix

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. 
DBDC explained

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

Reach out for more information about our products and services

Trustees & Advisers

Email our de-risking inbox for more information about our products and services

Media / Journalists

For press and media enquires please email our inbox

Careers

Find the latest vacancies on our careers site