DB (U.K.) Pension Scheme, England, insured £570 million ($783 million) in liabilities through a buy-in with Legal & General Assurance Society, a spokesman confirmed.
The transaction, the first for the £4.5 billion plan, was structured to allow for further risk transfer deals with Legal & General to be completed on pre-agreed terms when favorable pricing arises. The spokesman said the plan will look to complete further transactions.
Lane Clark & Peacock advised the trustees and Deutsche Bank, the plan sponsor, on the derisking options. Law firms CMS Cameron McKenna Nabarro Olswan and Slaughter and May provided transaction legal advice and legal advice, respectively. Aon provided actuarial and investment advice.
Law firm Eversheds Sutherland provided legal advice to Legal & General.