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.
The Scheme is sponsored by a subsidiary of Deutsche Bank AG (“the Bank”). This is the Scheme’s third buy-in but the first buy-in to include deferred members. It takes the Scheme’s total buy-ins to c£1,500 million including a c.£570 million buy-in between Legal & General and Deutsche Bank Pension Scheme, announced in February 2021.
The Scheme is an existing client of Legal & General Investment Management (“LGIM”) and has reached a well-funded position over recent years. The Scheme made use of the existing umbrella contract with Legal & General, allowing the buy-in to be transacted quickly and efficiently on the same commercial terms.
LCP was lead transaction adviser and provided strategic longevity de-risking advice to the Trustee of the Scheme, while transaction legal advice was provided to the Trustee by CMS. Aon acted as scheme actuary and investment adviser, and Slaughter and May as ongoing legal adviser. DLA Piper UK LLP provided legal advice to Legal & General.