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Legal & General completes £530m buy-in transaction with Siemens

Written by Adam Cadle
18/08/2020

Legal & General (L&G) has completed a £530m buy-in for the Siemens Benefits Scheme securing the benefits of more than 2,000 UK retirees.

This buy-in marks the scheme’s first pension risk transfer (PRT) transaction with L&G and builds on a previous transaction it completed in 2018.

The scheme has chosen an umbrella contract to allow for potential future transactions to be completed quickly and easily, when the time and market conditions are right.

The trustees were advised on the transaction by Aon and Sackers. Legal advice was provided to L&G by Eversheds.

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