Insurer Legal & General completed a transfer of £1.7 billion ($2.4 billion) U.K. pension assets for the trustees of the UBS Group Pension Plan.
The transaction—the largest in the U.K. this year to date—will secure retirement benefits for 7,000 U.K.-based members of the plan, according to the announcement.
“This is a significant transaction for the plan, and we are delighted that all plan members now have their pensions secured by a major U.K. life insurance company,” said Chris Martin, chair of the UBS group pension plan, in a statement. “It is also a major milestone for the sponsor, which has now fully de-risked both sections of the plan.”
The transaction, which makes the plan fully insured, follows L&G’s £900 million PRT in 2024 with what was then Credit Suisse’s section of the pension plan.
“This transaction reflects the confidence that trustees and sponsors continue to place in L&G and demonstrates the strength of our proposition in an increasingly sophisticated market,” said Gareth Mee, L&G’s CEO of institutional retirement, in a statement. “Building on the relationship established through the plan’s 2024 buy-in, we worked closely with the trustee, UBS and their advisers to deliver a solution aligned with the trustee’s objectives, securing members’ benefits while also addressing the plan’s existing longevity hedge as part of the wider transaction.”