Legal & General has confirmed the 2024 completion of a £505m ($650m) buy-in with the Inchcape Motors Pension Scheme.
This deal secures the benefits of 2,295 retirees and 5,890 deferred members.
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Inchcape is a multinational automotive distribution, retail and services company that operates in 32 countries.
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 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.”
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.”
Legal & General has also completed a £370m buy-in with the BAL section of the TUI Group UK Pension Trust.
This deal, which was finalised in late 2024, comes after a first £610m transaction in 2021 and now all section benefits are secured.
