Slaughter and May advised Legal & General on the agreement of a c.£420m full scheme buy-in with Commonwealth Bank of Australia pension scheme

Slaughter and May advised Legal & General Assurance Society Ltd (“LGAS”) on the agreement of a c.£420m full scheme buy-in with the Commonwealth Bank of Australia (UK) Staff Benefits Scheme (“the Scheme”).

The transaction covers all of the Scheme’s defined benefit members (approximately 440 non-retired members and 740 retirees). It represents a significant step on its planned de-risking journey. The Scheme has been a client of Legal & General Investment Management (LGIM) for the last 12 years, enabling them to efficiently lock pricing to their LGIM assets ahead of transacting.

Dominic Moret, Head of Origination and Execution, Legal & General Retirement Institutional said, “It was a great pleasure to work with the Trustee, the Sponsor and their advisers on this transaction, after a longstanding investment management relationship. We are delighted to welcome the Commonwealth Bank of Australia’s scheme members to Legal & General as we support the Scheme in providing further certainty to them.”

Jonathan Marks, Partner at Slaughter and May said, “We are delighted to work with Legal & General Assurance Society and the Scheme’s advisers on this transaction, as part of the work of our leading insurance and pensions practices.”