Commonwealth Bank of Australia UK Staff Benefits Scheme Conducts Pension Risk Transfer

Posted on 07/13/2021

London-based Commonwealth Bank of Australia (UK) Staff Benefits Scheme conducted a pension risk transfer that covers the liabilities of 440 plan participants who are yet to retire and 740 retirees. Legal & General Assurance Society insured £420 million in liabilities in a full buy-in. Lane Clark & Peacock was the adviser on the deal.

“We are very pleased to have insured the pension benefits for all members of the defined benefit section of the scheme, achieving our goal of providing members with long-term certainty,” Peter Thompson, professional trustee at Capital Cranfield Pension Trustees, said in a media release.

Capital Cranfield was advised on the deal by Lane Clark & Peacock, law firm CMS, and administrator and actuary Mercer.

Law firm Slaughter and May provided legal advice to Legal & General.

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