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The transaction, completed in 2024, covers the pension liabilities of the scheme associated with Inchcape plc, a global automotive distributor operating in 32 countries across Africa, Asia, Australia, Europe, and South America.<\/p>\nLegal & General has completed a \u00a3505 million buy-in with the Inchcape Motors Pension Scheme, securing the benefits of 2,295 retirees and 5,890 deferred members.<\/p>\n
The transaction, completed in 2024, covers the pension liabilities of the scheme associated with Inchcape plc, a global automotive distributor operating in 32 countries across Africa, Asia, Australia, Europe, and South America.<\/p>\n
Legal & General’s Asset Management division has managed a portion of the scheme’s assets since 2018.<\/p>\n
Julia Yates, Vidett, Trustee of the Inchcape Motors Pension Scheme commented: \u201cWorking 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.<\/p>\n
\u201cCollaboration 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 \u201cone team\u201d throughout, with members at the heart of all the decisions made.\u201d<\/p>\n
Kai Hoffmann, Director, UK Pension Risk Transfer, Institutional Retirement, Legal & General added: \u201cWe 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.\u201d<\/p>\n
PwC served as lead adviser to both companies, with investment advice from LCP and actuarial advice provided by XPS Pensions Group.<\/p>\n
Burges Salmon provided legal advice to the Trustee, while Slaughter and May provided legal advice to Legal & General.<\/p>\n
Matt Cooper, Head of Pensions Risk Transfer, PwC said: \u201cWe 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.”<\/p>\n
The post Legal & General completes \u00a3505m Inchcape pension buy-in<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Legal & General has completed a \u00a3505 million buy-in with the Inchcape Motors Pension Scheme, securing the benefits of 2,295 retirees and 5,890 deferred members. The transaction, completed in 2024, covers the pension liabilities of the scheme associated with Inchcape plc, a global automotive distributor operating in 32 countries across Africa, Asia, Australia, Europe, and […]<\/p>\n","protected":false},"author":1,"featured_media":364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reinsurance"],"_links":{"self":[{"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/posts\/362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/comments?post=362"}],"version-history":[{"count":2,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/posts\/362\/revisions"}],"predecessor-version":[{"id":365,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/posts\/362\/revisions\/365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/media\/364"}],"wp:attachment":[{"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/media?parent=362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/categories?post=362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/efficientcontacts.net\/index.php\/wp-json\/wp\/v2\/tags?post=362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}