Latest from LCP as a pension scheme deal is announced;
LCP acted as lead adviser on a £24 million full scheme buy-in transaction covering all 547 pensioner and deferred members of the Roadchef Retirement Benefits Scheme (“the Roadchef Scheme”). This transaction was completed in July 2023 under LCP’s streamlined buy-in and buy-out service, with legal advice being provided by Gowling WLG. Eversheds advised Canada Life. EY advised Roadchef on the buy-in transaction.
This transaction follows Canada Life’s first full scheme buy-in transaction completed in July 2023, demonstrating their ambition in the bulk annuity market. It is another example of a small scheme gaining traction in the insurance market through LCP’s streamlined buy-in and buy-out service, despite the record activity levels.
Mark Fletcher, Chair of Trustees of the Roached Retirement Benefits Scheme and Client Director at Vidett, commented: “I have used LCP’s streamlined buy-in service many times, and I am confident this process maximised insurer engagement for the Roadchef Scheme and led to us achieving both very competitive pricing and contract terms despite the extremely busy marketplace. I look forward to working with our long-established LCP Administration team and the team at Canada Life to now progress matters.”
James Muirhead, Group CFO of Roadchef, commented: “The close collaboration between the Trustees, LCP, EY and Roadchef has enabled us to complete what is a great outcome for the Scheme and its members. LCP’s streamlined approach led to a competitive process between multiple insurers and has helped deliver the long-standing goal for the Scheme at an affordable price.”
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