Staff at the Commonwealth Bank of Australia (UK) will see their pension benefits secured under a £420 million buy-in deal.
Capital Cranfield Pension Trustees has safeguarded the pensions of all UK members of the Commonwealth Bank of Australia Staff Benefits Scheme via the full buy-in with Legal and General Assurance Society.
This transaction covers all of the scheme’s defined benefit members, which consists of 440 employees members and 740 retirees.
Peter Thompson, a trustee at Capital Cranfield Pension Trustee, said the move represents a significant step in the scheme’s planned de-risking journey.
He added: “We are very pleased to have secured the pension benefits for all members of the defined benefit section our scheme, achieving our goal of providing members with long-term certainty ahead of schedule.
“It is a testament to the expertise of our specialist advisers that we were able to achieve this excellent outcome.”
The Trustees were advised by International law firm CMS, which specialises in the de-risking market.