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UBS Group Pension Plan completes £1.7bn buy-in with L&G

By Ellie Carric

13/10/26

The UBS (UK) Group Pension Plan has completed a £1.7bn buy-in with Legal & General (L&G), covering the UBS section of the scheme and securing the benefits of more than 7,000 members.

The transaction, which is the largest announced UK pension risk transfer deal of 2026 to date, included the novation of the scheme's existing longevity hedge with Zurich to L&G

Hybrid approach to AE could address pension adequacy challenges

A hybrid approach to auto-enrolment (AE) could help improve adequacy at retirement, particularly in light of forthcoming changes to the state pension triple lock, according to London Economics partner, Carl Emmerson

Increasing AE contributions 'best route' to boosting pension savings - Baroness Drake

Increasing minimum automatic enrolment (AE) contributions is the "best route" to boosting pension savings and tackling the UK's retirement adequacy crisis, Pensions Commissioner, Baroness Jeannie Drake, has argued

Around three million UK pension pots remain lost, representing an approximate value of £18.7bn and an average pot size of £6,220, the Pensions Policy Institute (PPI) has found

Pensions UK calls for national retirement adequacy framework and independent body

Pensions UK has called for a national framework to measure retirement adequacy and an independent body to review both the adequacy threshold and wider pensions system every five years, as part of a package of reforms

M&G launches its first LTAF

M&G has launched the M&G Diversified Private Credit Feeder Long-Term Asset Fund (LTAF) with £74m of initial capital, including investment from its With Profits Fund

Opt-out AE social care scheme could protect savers from ‘catastrophic’ costs

An automatic enrolment-style social care system could help protect people’s pension savings and other assets from “catastrophic” care costs while raising around £3.5bn a year, according to LCP

Nearly eight in 10 savers want pensions to support UK economic growth

Nearly eight in 10 (77 per cent) UK pension savers believe their retirement savings should help build a stronger UK economy, according to research from IFM Investors, Nest and Border to Coast Pensions Partnership

Majority of pension risk transfer projects face member issues

More than half (57 per cent) of pension professionals have experienced member-related issues during or after a risk transfer project, according to a survey from Sackers

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Highlighted Content

Leading with data, succeeding with mindset

Ranjit Shoker discusses the most effective way pension schemes can present themselves to insurers and superfunds, leading to efficient risk transfer processes

The rise of CDC across Europe

How are European countries currently adopting collective DC (CDC) pension models, and what lessons can the UK learn from these established CDC markets?

De-risking roundtable

Our experts look at the evolving UK pensions de-risking market

How Cyber Resilient is Your Pension Scheme?

With increasing regulatory and member expectations, it can be challenging to know where to start, or what to do next. Aon’s team of pensions cyber specialists have been delivering specialist pensions cyber advice since 2017.

Is it time for UK housing investors to go ‘full residential’?

The case for investing across the UK living ecosystem.

L&G roundtable

Our experts discuss Governance, partnerships and run-on options for DB schemes

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Latest Podcasts

Pension risk transfer partnership

Podcast: From pension pot to flexible income for life

Podcast: Who matters most in pensions?

In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Podcast: A look at asset-backed securities

Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

The role of CDC

In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space

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Check out our latest appointments

Appointments update – 8 October 2026

Aptia has appointed Jo Tyler as its UK chief operating officer (COO)

Appointments update – 5 October 2026

Hymans Robertson has hired Craig Payne as principal consultant in its Local Government Pension Scheme (LGPS) Governance, Administration and Projects team

Appointments update – 1 October 2026

Aviva has appointed Mark Thompson as chair of the UK Life and Pensions (UKLAP) Independent Governance Committee (IGC)

Appointments update – 30 September 2026

Independent Governance Group (IGG) has appointed Mike Ethelston as chief executive officer (CEO), effective 2 November 2026

Appointments update – 24 September 2026

Howden Employee Benefits has appointed Jeff Fox as executive director, platform and engagement solutions

Check out our latest features

You choose the endgame, we’ll build the bridge

Buyout, run-on or both? Whatever your scheme’s preferred destination, we’ll help you construct the way forward.

Change ahead

Paige Perrin sits down with new Pensions UK chair, Jamie Fiveash, to discuss his ambitions for his tenure, the association’s current areas of focus, and some of the biggest challenges facing the industry

Not the finish line

As the process of connecting all eligible schemes’ data nears completion, Pete Carvill looks to the next steps schemes need to take in preparation for dashboards going live

Building blocks for retirement

Skanska head of pensions, Mohsin Harhara, tells Francesca Fabrizi how the pension plan is working hard to secure an optimum retirement for its members

Searching the EM landscape

Sandra Haurant considers how and why pension funds can invest in the varied area of emerging markets

Keeping things moving

Despite pension scam measures making pension transfers more secure, they’ve also slowed the process and created more complications for legitimate transfers. As the government considers changes to cut delays, Paige Perrin explores whether new technology can help providers speed up transfers without compromising security

The £25 billion question

As the government steers workplace pensions towards £25 billion megafunds, Callum Conway asks whether greater scale will actually improve member outcomes – or reduce choice and centralise risk into fewer hands

A new lease of life

For many, getting older also drives the need to become financially wiser. How can the pensions industry assist an ageing population through the challenges of retirement?

Scale Up Fund: Investing in science and technology

Lynn Strongin Dodds explores whether the £1 billion Scale Up Fund can attract UK pension schemes to venture-capital backed science and technology companies, amid debate over how the fund should be managed and structured

A bad influence?

David Adams considers how the industry and policymakers can learn from the best finfluencers to help boost engagement and understanding, while reducing the threat posed by bad actors online

Is TCFD worth the work?

Once heralded as an important step for driving sustainability in pensions, questions continue to be raised about the value of such reports

The case for governance

One year after the launch of the Governance for Growth Investor Campaign (GGIC), its chair, Caroline Escott, speaks to Callum Conway about investor rights, dual-class shares, corporate reporting reform and why weakening governance standards will not revive the UK’s IPO market

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Check out our latest jobs

Independent Person

Posted by Greater Manchester Pension Fund (GMPF)

To be agreed on appointment

Guardsman Tony Downes House, Droylsden

We are seeking an individual with significant expertise in pension fund governance, investment, administration, regulation or a related field who can provide objective challenge and independent insight.

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Independent Person

Posted by

The Fund is seeking to appoint an Independent Person to support governance arrangements through the provision of independent expertise, objective scrutiny and constructive challenge.

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Head of Governance and Fire Administration

Posted by

67,168 - £78,227 pa (Pro rata for Part Time Posts)

Hybrid working, Bradford

37 hours per week

We are seeking an exceptional leader to join our senior management team as Head of Governance and Fire Pensions Administration. This is a unique opportunity to lead a high-performing service responsible for delivering pension administration and governance functions to Fire & Rescue Authority clients while ensuring the highest standards of regulatory compliance, customer service and organisational governance.

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Non-Executive Chair of the Armed Forces Pension Board

Posted by

600 per day

London

The Chair of the Armed Forces Pension Board will be responsible for developing public service pension scheme governance and will deal with a wide range of stakeholders including MOD employers, in particular with MOD Pensions Policy and members, Ministers, the Scheme Administrator (Defence Business Service (DBS)) and The Pensions Regulator (tPR). The Chair will be expected to contribute in a way that will benefit scheme members, employers and the taxpayer.

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Non-executive Member of the Armed Forces Pension Board

Posted by

450 per day

London

The new NED Member of the Armed Forces Pension Board will be responsible for bringing their wider Pension experience to bear in support of MOD further developing public service pension scheme governance for the Armed Forces Pension Schemes (AFPS). They will be expected to enhance the Board’s ability to provide robust, independent challenge to the scheme manager and delivery partners. This is essential given the scale, complexity, and sensitivity of current pension activity including remedy delivery, transformation and litigation related risks. The additional NED would have a particular focus on training and education ensuring regulatory compliance in this area.

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Supporting retirement decisions

Laura Blows discusses retirement saving levels in the UK, and the support required for members, trustees and employers, with WEALTH at Work director, Jonathan Watts-Lay

Pension risk transfer partnership

Podcast: From pension pot to flexible income for life