CMS, Slaughter & May Guide Deutsche Bank Pension Deal
Law360, London (February 16, 2021, 1:02 PM GMT) -- A pension scheme for employees of Deutsche Bank AG in Britain has insured £570 million ($795 million) of members' liabilities with Legal & General Assurance Society, the insurer said Tuesday.
It is the first such pension deal for the DB (UK) Pension Scheme, which will protect against the risk that members live longer than expected. L&G said the trustee has set up a contract for future insurance transactions.
The Deutsche Bank deal comes after the second biggest year on record for pension risk transfers, with an estimated £50 billion in liabilities insured in 2020.
"This transaction enables Deutsche Bank to hedge...
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