Sackers advises UBS (UK) Group Pension Plan on £1.7bn buy-in

The UBS (UK) Group Pension Plan has completed a £1.7bn buy-in with L&G, with Sackers providing legal advice to the Trustees.

The transaction secures the benefits of more than 7,000 members and is the largest announced UK pension risk transfer deal of 2026 to date.

Sackers were the lead legal advisers to the Trustee, with input from Gowlings, Hogan Lovells Cadwalader provided legal advice to the Bank, while Slaughter and May advised L&G.

Aon worked as risk settlement adviser to the JWG, and LCP provided investment advisory services. Mercer provided actuarial support in their role as Plan actuary, with the Mercer covenant advisory team providing covenant advice and like minds managing the member communications strategy and delivery.

Chris Martin, Chair of the UBS (UK) Group Pension Plan, said: “This is a significant transaction for the Plan and we are delighted that all Plan members now have their pensions secured by a major UK life insurance company. It is also a major milestone for the sponsor which has now fully de-risked both Sections of the Plan. IGG is delighted to have completed this transaction. I want to thank L&G for their support as well as our advisers Aon, Sackers, Mercer, LCP and Gowlings for their advice and input. The excellent and collaborative working relationship with the Bank as sponsor for the Plan has also been critical in delivering this next step in benefit security for our members.”

Ralph McClelland, partner, said: “The successful conclusion of this phase of the project is the product of many months’ work. The terms, which included carefully negotiated, bespoke provisions and the restructuring of an existing longevity swap, represent an excellent outcome for all parties. We are proud of Sackers’ involvement, which drew on the firm’s deep bench of specialists to support the Trustee and JWG. The collaborative approach taken by the Trustee and Bank advisory teams and, of course, L&G, was a model of good industry practice.”