Legal and General has announced the completion of a £570m pensioner buy-in transaction with Deutsche Bank’s UK pension scheme.
The buy-in represents the first step on the scheme’s de-risking strategy of reaching full insurance over the medium term.
The transaction occurred under “umbrella contract” terms, which allows future transactions with the insurance firm to be completed quickly and easily on pre-agreed terms when favourable pricing opportunities arise.
Aysha Patel, director of Legal and General Retirement Institutional, said: “We’re very pleased to have completed this initial transaction with the trustee of the DB (UK) pension scheme.
“The appointment of Legal & General Investment Management as the Scheme’s LDI manager and this subsequent buy-in highlights our expertise in assisting schemes at all stages of their de-risking journey.”
She added: “We look forward to continuing our relationship with the trustee and bank and providing additional security to their pension scheme members.”