Legal & General completes £1.1 billion full buy-in with Deutsche Bank Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) has completed a £1.1 billion full buy-in with the DB (UK) Pension Scheme (“the Scheme”), securing the benefits of around 4,000 members.
The Scheme is sponsored by a subsidiary of Deutsche Bank AG (“the Bank”) and is a longstanding client of Legal & General’s Asset Management division. This is the Scheme’s third buy-in with Legal & General following a £570 million buy-in announced in 2021 and a £500 million buy-in in 2023, and brings the total of insured liabilities with Legal & General to £2.1 billion.
The Scheme benefitted from a previous umbrella agreement with Legal & General, which ensured a smooth agreement of commercial terms. It has successfully implemented a phased buy-in strategy over the last four years to fully insure all accrued benefits, with the facility to accommodate new benefits for the 250 active employee members as they accrue additional service.