Legal & General has signed a £500m ($610m) buy-in deal with the Deutsche Bank (UK) Pension Scheme, in a move which covers the benefits of around 2,000 retirees and deferred members.
The pension fund is sponsored by a UK subsidiary of Deutsche Bank and this is the second buy-in deal it has agreed this year. In April it signed a £400 million contract with Aviva, which covered nearly 900 scheme members.
Deutsche Bank also announced a £570m buy-in deal with Legal & General in February 2021, bringing its total value of buy-ins to £1.5bn over the last two and half years.
The fund is already a client of Legal & General Asset Management, and in a press release the fund manager’s insurance parent said the buy-in had been struck under an existing umbrella contract.
LCP was lead transaction adviser and gave longevity de-risking advice to the fund’s trustees, while transaction legal advice was provided by CMS.
Aon acted as scheme actuary and investment adviser and Slaughter and May as ongoing legal adviser. DLA Piper UK advised Legal & General.
The UK buy-in market has recently sparked back into life.
Last week saw Clara Pensions agree the first superfund deal with the Sears Pension scheme, while Aviva signed a $99m buy-in deal with the Rotork Pension Fund.