UBS pension deal transfers longevity risk through a £1.7 billion buy-in
Editorial draft · Reviewed October 15, 2026. Original source scope and limitations retained.
Official insurer announcement · completed buy-in
The UBS (UK) Group Pension Plan has completed a £1.7 billion buy-in with L&G covering more than 7,000 members in its UBS Section. L&G announced the transaction on October 13 and described it as the largest UK pension risk transfer deal announced in 2026 to that date.
A buy-in gives a pension scheme an insurance policy to help meet member-benefit payments. It should not be confused with a completed buyout that transfers individual members directly to insurer policies.
The transaction also involved transferring the plan’s existing longevity hedge with Zurich to L&G; the associated longevity risk is reinsured by Canada Life Reinsurance. It follows a £900 million buy-in for the plan’s Credit Suisse Section in 2024.
L&G says the scheme prepared its data and aligned investments with insurer pricing before approaching the market. The announcement also says this transaction was already included in volumes reported with its 2026 half-year results, so the October announcement should not be treated as proof of an October closing.
The broader lesson is about who bears the financial consequences of longer lives. The announcement supports this transaction’s details; it does not quantify changes in market-wide pricing or prove that all sponsor obligations have legally ended.