Commonwealth Bank of Australia agrees £420m buy-in

L&G insures the benefits of around 1,200 members after working with the scheme for 12 years

James Phillips
clock • 2 min read

The Commonwealth Bank of Australia (UK) Staff Benefits Scheme has agreed a circa £420m full-scheme buy-in with Legal & General Assurance Society.

The bulk annuity covers mostly retired members, although 440, or 37%, of the 1,180 insured were deferred members. The scheme was an existing client of Legal & General Investment Management, havi...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Risk Reduction

Balfour Beatty Pension Fund agrees £1.7bn longevity deal

Balfour Beatty Pension Fund agrees £1.7bn longevity deal

Transaction will protect the fund against rising costs and provide greater security

Martin Richmond
clock 30 November 2022 • 1 min read
TT Group scheme agrees £400m buy-in with L&G

TT Group scheme agrees £400m buy-in with L&G

The transaction with L&G covers the benefits of around 5,000 retirees

Martin Richmond
clock 22 November 2022 • 3 min read
Blanc: "Our customers have continued to save for their future and protect what is valuable to them"

Aviva commits to 2022-24 bulk purchase annuity target

Market outlook remains ‘positive’ despite recent volatility

Martin Richmond
clock 09 November 2022 • 2 min read
Trustpilot