Global law firm DLA Piper has advised Legal and General Assurance Society Limited (Legal & General) on its GBP1.1 billion full buy-in with the DB (UK) Pension Scheme (the Scheme). This marks the Scheme’s third buy-in with Legal & General, taking the total insured liabilities therein to GBP2.1 billion.
This transaction is the latest milestone in a phased buy-in spanning the last 4 years, following transactions in 2021 and 2023. The buy-in now secures the benefits of some 4,000 scheme members, insuring all accrued benefits with the facility to accommodate additional benefits as they accrue for the 250 active members.
Amrit Mclean, partner and head of DLA Piper’s pensions de-risking practice, comments: “Congratulations to all parties on another successful transaction. It was a pleasure to work in partnership with the Legal & General team once again in the context of the dynamic and growing UK pensions de-risking market, and we appreciate their continued trust and confidence in us throughout this transaction.”
The DLA Piper de-risking team, as led by Amrit McLean, comprised senior associate Oritsema Ejuoneatse, associate Lucy Staves, legal directors Mike Fallow, Elmer Doonan, Rozet Shah, Eve Wallace and Michael Dando, and trainee solicitor Sam Watts.
The UK pensions de-risking market was worth GBP49 billion in the last financial year, of these transactions, GBP17 billion in value were advised by the DLA Piper team.
