Deutsche Bank has announced the completion of a £570 million pensioner buy-in transaction with Legal and General.

The deal has been described as the first step in a Deutsche Bank’s pension scheme’s de-risking strategy, and now means it has reached full insurance over the medium-term.

According to LCP, which provided strategic longevity de-risking advice to the trustee, the transaction was completed under an “umbrella contract” which allows future transactions with Legal and General to be completed quickly and easily on pre-agreed terms when favourable pricing opportunities arise.

The Deutsche Bank (UK) Pension Scheme currently has assets of £4.5 billion and has a funding surplus.

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