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
Commonwealth Bank of Australia agrees £420m buy-in

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, having worked...

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