Siemens Benefits Scheme, Poole, England, completed a £530 million ($692 million) buy-in with Legal & General Assurance Society, confirmed a spokesman for Aon, adviser to the trustees.
The deal insures the benefits of more than 2,000 U.K.-based retirees and is the first with L&G for the technology and manufacturing conglomerate. It follows a number of buy-ins completed with Pension Insurance Corp., the most recent in 2018 and covering £1.3 billion in liabilities.
The percentage of liabilities insured in the L&G transaction was not available.
U.K. retirement assets totaled €6.8 billion ($7.4 billion) as of Sept. 30, according to Siemens' 2019 annual report.
"Through careful planning, we were able to overcome the logistical and investment challenges posed by COVID-19 and complete this transaction at this time on very favorable terms," Joanna Matthews, chair of the trustees, said in a L&G news release.
Aon and Sackers advised the trustees. L&G received legal advice from law firm Eversheds.
Further details were not immediately available. A spokeswoman for Siemens in the U.K. could not be reached for comment.
