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, supported by an in-house, award–winning service team that consistently delivers a high standard of care.

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.

Legal & General umbrellas as seen from above

What we offer

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

Recent transactions

L&G Flow surpasses £1bn milestone

We secured over £1 billion of pension scheme liabilities through our L&G Flow solution since launch, including £360 million in 2025.

£4.6 billion buy-in with Ford pension schemes

We completed two buy-ins totalling £4.6 billion with pension schemes sponsored by Ford Motor Company Limited.

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.

Our principles

We’re committed to our customers through their lives and invest the premiums we receive in socially and economically useful investments.

Find out more

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

2026 half year market update

Exploring our business performance and industry trends in the first half of 2026.

2025 UK PRT market update

Read our market update which highlights our new business performance in 2025 alongside insights and commentary from across our team.

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.

Customer service professional on the phone

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.

Looking across the lake at Central Park, New York

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.

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.

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

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