The UBS (UK) Group Pension Plan has completed a £1.7bn buy-in with Legal & General (L&G), covering the UBS section of the scheme and securing the benefits of more than 7,000 members.

The transaction, which is the largest announced UK pension risk transfer deal of 2026 to date, included the novation of the scheme's existing longevity hedge with Zurich to L&G.

UBS (UK) Group Pension Plan chair and Independent Governance Group trustee director, Chris Martin, commented: “This is a significant transaction for the plan and we are delighted that all plan members now have their pensions secured by a major UK life insurance company.

“It is also a major milestone for the sponsor which has now fully de-risked both sections of the plan.”

This buy-in follows a £900m buy-in covering the Credit Suisse section of the scheme in 2024.

L&G institutional retirement CEO, Gareth Mee, said the transaction built on the relationship established through the scheme's 2024 buy-in and involved collaboration between L&G, the trustee, UBS and their advisers, “securing members' benefits while also addressing the plan's existing longevity hedge as part of the wider transaction”.

Advisers on the transaction included Aon, LCP, Marsh, Like Minds, Sackers and Gowling, while Hogan Lovells Cadwalader advised UBS and Slaughter and May advised L&G.

Aon senior partner, John Baines, said the transaction “marks a key step in the plan’s de-risking journey”.

He added: “Importantly, the transaction was structured to preserve many of the features that members value most, highlighting how the insurance market can deliver strong outcomes for schemes and members alike.”

This article originally appeared in our sister publication Pensions Age.

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