Legal & General completes £505 million buy-in with the Inchcape Motors Pension Scheme
We announced the 2024 completion of a £505 million buy-in with the Inchcape Motors Pension 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.