Legal & General Assurance Society Limited (“Legal & General”) has announced the 2024 completion of a £505 million buy-in with the Inchcape Motors Pension Scheme (“the Scheme”), securing the benefits of 2,295 retirees and 5,890 deferred members.
The sponsoring employer, Inchcape plc, is a British multinational automotive distribution, retail, and services company that operates in 32 countries across Africa, Asia, Australia, Europe, and South America.
The Scheme is a client of Legal & General’s Asset Management division, which has managed a portion of its assets since 2018.
PwC served as lead adviser to the Trustee and Sponsor, with investment advice from LCP and actuarial advice from XPS Pensions Group. Burges Salmon provided legal advice to the Trustee, while Slaughter and May provided legal advice to Legal & General.
Julia Yates, Vidett, Trustee of the Inchcape Motors Pension Scheme commented: “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 Legal & General 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.”
Kai Hoffmann, Director, UK Pension Risk Transfer, Institutional Retirement, Legal & General added: “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.”
Matt Cooper, Head of Pensions Risk Transfer, PwC said: “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.”
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