Jurisdiction(s):
United Kingdom

Key definition

Buy-in definition

What does Buy-in mean? A buy-in is a bulk annuity (or similar insurance contract) purchased by defined benefit pension scheme trustees from a regulated insurer and held as a scheme asset. The insurer pays the trustees an income designed to match the covered members’ benefits; members’ rights remain against the scheme, and the trustees continue to administer and pay benefits. This contrasts with a buy-out, where liabilities are transferred to the insurer and the scheme is discharged. In practice, a buy-in transfers investment and longevity risk for the insured tranche to the insurer, while residual risks (for example, data, benefit specification and discretionary elements) remain...

Securing business buy-in for effective use of the in-house legal function: awareness, triage, early engagement and management guidance

Published by a LexisNexis Practice Compliance expert

Practice notes

You can prompt business colleagues to engage with the legal team more consistently in four principal ways:

boost their legal awareness so they can recognise issues early and request guidance promptly
underline the value of right time – right information consultations through steady, routine interaction
propose, where suitable, that referrals to the legal team are filtered or put through a screening step
urge management to put guidance in place for using the legal team (with your drafting support) and to take responsibility for Monitoring any self help, eg contract assembly

All four can operate within the same organisation, but 1, 3 and 4 rely on management Buy-in. As most organisations are unwilling to keep expanding the in-house head count, managers must accept their role in promoting coherent use of a finite resource.

Raise legal awareness

Read Practice Note: Developing programmes to raise legal awareness

Reinforce the benefits of right time – right issue

It is your responsibility to foster behaviour among colleagues that leads to sound management of legal risk...

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Web page updated on 21/05/2026

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