Slaughter and May advised Legal & General on the £1.7bn buy-in with UBS (UK) Group Pension Plan

Slaughter and May advised Legal and General Assurance Society Limited (“Legal & General”) on a £1.7bn buy-in covering the UBS Section of the Plan, securing the benefits of more than 7,000 members.

This is the largest announced UK pension risk transfer deal of 2026 to date. The deal builds on the Plan’s existing relationship with L&G, following a £900mn buy-in completed for the Credit Suisse Section of the Plan with Legal & General in 2024.

Slaughter and May advised Legal & General on all legal aspects of the transaction, including the novation of the Plan’s existing longevity hedge with Zurich to Legal & General, the associated reinsurance of longevity risk with Canada Life Reinsurance, and negotiating bespoke contractual arrangements with the trustees and other parties.

Throughout the course of the transaction, which was delivered in a short timeframe, Slaughter and May worked closely with Legal & General’s Legal and Business teams.