Canada Life completed its second full scheme buy-in transaction in July 2023, valued at £24 million and encompassing all 547 pensioner and deferred members of the Roadchef Retirement Benefits Scheme.
LCP acted as the lead adviser, leveraging their streamlined buy-in and buy-out service. The legal guidance for the transaction was provided by Gowling WLG, while Eversheds offered advisory services to Canada Life, and EY supported Roadchef in navigating the intricacies of the buy-in transaction.
Canada Life managing director bulk purchase annuities Tim Coulson says: “We are really pleased to have completed the full scheme buy-in transaction for Roadchef, our second transaction in the deferred market. Working closely alongside LCP, Roadchef and the Trustees of the scheme, we’re delighted to have secured 547 members’ benefits.
Vidett chair of trustees of the Roached Retirement Benefits Scheme and client director Mark Fletcher says: “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.”
Roadchef group CFO James Muirhead says: “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.”
LCP partner Catherine Hopper says: “I am delighted that LCP’s streamlined process continues to achieve such strong traction with insurers. Though many commentators are saying you need to go exclusive to market for this size transaction, we had multiple insurers quoting, which has delivered a great outcome for Roadchef and its members.
“With Canada Life now onboard for full scheme as well as pensioner transactions, it means that even the smallest of schemes can receive strong insurer engagement and attractive terms through LCP’s streamlined service, as was the case for the Roadchef Scheme.”
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