Press release

Legal & General announces £1.1 billion de-risking transaction with AIB Group UK Pension Scheme

Legal & General Group Plc (“Legal & General”) announces that it completed an innovative de-risking transaction for the AIB Group UK Pension Scheme (the “Scheme”), covering over 1,300 members.

13 Feb 2020

Full Press Release

The transaction was completed at the end of 2019 and is included within the £3 billion of PRT which were in exclusive negotiations at the time of our 19 November trading update.

The transaction makes use of a new solution Legal & General has developed and further tailored for this scheme in partnership with advisors for the Trustee and its sponsor, Allied Irish Banks plc (the “Bank”). The transaction is split between a £850m pensioner buy-in and a £250m Assured Payment Policy (“APP”).

Laura Mason: "We are pleased to have been able to help AIB Group UK Pension Scheme in the latest stage of its de-risking journey and are proud to showcase our new Assured Payment Policy (APP) solution. Our team are always looking for new solutions for our clients to help them achieve their desired de-risking outcome in the most efficient way. The APP structure was ideal for what the Scheme and AIB were working to achieve."

Further information

Margrit Williams

Director of External Engagement

Legal & General Capital

Email Margrit Williams

Notes to editors

Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at FY24) of which c. 44% (c. £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

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