Deutsche Bank U.K. Pension Scheme, London, has completed a £1.1 billion ($1.4 billion) buy-in with Legal & General, according to a news release.
The plan is sponsored by the U.K. subsidiary of German multinational financial services firm Deutsche Bank.
This is the plan’s third buy-in with Legal & General following a £570 million buy-in announced in 2021 and a £500 million buy-in in 2023, and brings the plan’s total of insured liabilities with Legal & General to £2.1 billion.
“We are delighted to have completed this full buy-in of the plan’s liabilities with Legal & General to further improve the security of participant benefits,” said Michael Wrobel, chair of the trustee board at Deutsche Bank U.K. Pension Scheme, in the news release.
“The plan has reached its long-term target significantly ahead of the plan we set in 2018. The existing relationship with Legal & General has been fundamental in helping us achieve this and allowed us to move quickly to lock in attractive pricing for this and previous transactions.”
At its 2024 half year results, Legal & General reported that it had written or was in exclusive negotiations on £5 billion of pension risk transfer transactions. Legal & General had £1.2 trillion in total assets under management as of Dec. 31.
