Legal & General (L&G) Assurance Society has completed a £500m buy-in with the Deutsche Bank pension scheme, securing the benefits of around 2,000 retirees and deferred members.
This is the scheme’s third buy-in, but is the first to include deferred members. The deal takes the scheme’s total buy-ins to £1.5bn, including a £570m buy-in between L&G and the Deutsche Bank pension scheme, announced in February 2021.
The scheme is an existing client of L&G Investment Management and has reached a well-funded position over recent years. The scheme made use of the existing umbrella contract with L&G, 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, whilst transaction legal advice with provided to the trustee by CMS.
Aon acted as scheme actuary and investment adviser, whilst Slaughter and May acted as ongoing legal adviser. DLA Piper UK LLP provided legal advice to L&G.
New business and origination lead at L&G General Retirement Institutional, Aysha Patel, said: "We are pleased to have completed this buy-in with the Scheme, continuing to strengthen our relationship with the trustee and the bank. This transaction demonstrates that partial buy-ins continue to be an effective de-risking tool for larger schemes on their way to full insurance, allowing them to take advantage of favourable market opportunities when they arise. We look forward to providing additional security to their pension scheme members."
Head of the trustee board at Deutsche Bank (UK) pension scheme, Michael Wrobel, added: "We are very pleased to have insured another significant proportion of the scheme’s liabilities with L&G, further reducing the risks the scheme is exposed to. The existing relationship with L&G, including the umbrella contract in place, resulted in a smooth and efficient process benefiting all parties and ultimately the members of the scheme. The trustee and the bank remain ready to continue to take advantage of future opportunities to further de-risk as they arise."
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