Trustees of the UBS (UK) Group Pension Plan have completed a £1.7bn buy-in deal with Legal & General (L&G), securing the benefits of 7,000 members of the plan’s UBS section.
The transaction is the largest UK pension risk transfer (PRT) deal announced so far in 2026 and marks a further step in the plan’s long-term strategy to strengthen the security of members’ retirement benefits.
It is L&G’s second £1bn-plus transaction in the second half of 2026, following a £1.65bn buy-in with the Wood Pension Plan last month. The deal also included the novation of the plan’s existing longevity hedge with Zurich to L&G.
The transaction builds on L&G’s existing relationship with the plan, following a £900m buy-in for the Credit Suisse section in 2024. Both sections have now secured members’ benefits with L&G.
The trustee and UBS worked together throughout the process, with clear objectives and timescales established from the outset. Before approaching the market, the plan aligned its investment strategy with insurer pricing and undertook significant data preparation, helping to ensure a smooth transaction.
Aon acted as risk settlement adviser to the trustee and UBS, while LCP provided investment advice. Marsh acted as plan actuary and provided covenant advice through its covenant advisory team. Like Minds managed the member communications strategy and delivery.
Sackers acted as lead legal adviser to the trustee, supported by Gowling WLG. Hogan Lovells and Cadwalader provided legal advice to UBS, while Slaughter and May advised L&G.
Chris Martin, chair of the UBS pension plan and trustee director at Independent Governance Group, said the transaction marked a “major milestone” for the sponsor, which has now fully de-risked both sections of the plan.
Gareth Mee, chief executive officer for institutional retirement at L&G, said: “Building on the relationship established through the Plan’s 2024 buy-in, we worked closely with the trustee, UBS and their advisers to deliver a solution aligned with the trustee’s objectives, securing members’ benefits while also addressing the plan’s existing longevity hedge as part of the wider transaction.”
