Legal & General has completed a £505 million buy-in with the Inchcape Motors Pension Scheme, securing the benefits of 2,295 retirees and 5,890 deferred members.
PwC was the principal adviser to the Trustee and Sponsor, while LCP provided investment advice and XPS Pensions Group provided actuarial advice. Slaughter and May gave legal advice to Legal & General, while Burges Salmon gave legal advice to the Trustee.
Inchcape is a British multinational automotive company based in the United Kingdom and operates in 32 countries in Africa, Asia, Australia, Europe, and South America. It specialises in distribution, retail, and services.
The asset management division of Legal & General has been managing some of the scheme’s assets since 2018.
Vidett trustee of the Inchcape Motors Pension Scheme Julia Yates says: “Working with Inchcape, we are delighted to agree this buy-in, another positive step in our ongoing strategy to ensure long-term security for all our members. The selection of L&G as our Insurer partner enables us to deliver our long-term commitment to our members. Collaboration has been at the centre of this project, and it has been a joy to work with Inchcape and all the professional advisors – it has very much felt like “one team” throughout, with members at the heart of all the decisions made.”
Legal & General UK pension risk transfer, institutional retirement director Kai Hoffmann says: “We are pleased to have finalised this buy-in with the Inchcape Motors Pension Scheme, enhancing our existing relationship with the client and providing greater security for its members.”
PwC head of pensions risk transfer Matt Cooper says: “We are proud to have advised the Trustee and Sponsor over several years to prepare the Scheme for this transaction. Delivering a competitive tender process has resulted in a positive outcome for all parties and enhanced security for the Scheme’s c8,000 members.”
