Siemens Benefits Scheme completes £530m buy-in with L&G

Siemens Benefits Scheme has completed a £530m buy-in with Legal & General (L&G) Assurance Society, securing benefits for over 2,000 UK retiree members.

The trustees were advised throughout the transaction by Aon and Sackers, whilst L&G received legal advice from Eversheds Sutherland.

The transaction was completed under an umbrella contract, which was chosen by the trustee in order to ensure that potential future transactions can be completed quickly when the timing and market conditions are right.

Siemens head of pensions, John Smith, said the transaction as "another major milestone" for the scheme.

Siemens Benefits Scheme chair of the trustee, Joanna Matthews, added: “I am delighted that we have been able to complete another key step in the trustee’s de-risking journey.

“Through careful planning, we were able to overcome the logistical and investment challenges posed by Covid-19 and complete this transaction at this time on very favourable terms. This is a fantastic outcome and I would like to thank all involved in the process.”

Siemens previously completed a £1.3bn buy-in with Pensions Insurance Corporation (PIC) in 2018, covering around 6,000 pensioners.

This is also the second recent buy-in completed under an umbrella contract by L&G, having announced a £70m deal with ICI Pension Fund earlier this week.

    Share Story:

Recent Stories

Sustainable investing for DC schemes
Laura Blows discusses sustainable investing for defined contribution plans with BlackRock head of UK & MEA global consultant relations, Claire Felgate, in Pensions Age’s latest video interview

Spotlight on Emerging Markets
Francesca Fabrizi talks emerging markets with Polar Capital’s head of Emerging Markets & Asia, Jorry Nøddekær, exploring the opportunities for pension funds in the current global setting

Sustainable Investing
Laura Blows speaks to Royal London Asset Management sustainable fund manager, George Crowdy, about global sustainable equity investing
The latest in multi-asset credit
Laura Blows discusses the high-yield market and multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih