The Inchcape Motors Pension Scheme, the UK pension fund for the global automotive distributor, has completed a £505m (€605m) buy-in with Legal & General, securing the benefits of 2,295 retirees and 5,890 deferred members.

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 fund’s 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, trustee director at Vidett and trustee of the Inchcape Motors Pension Scheme, said: “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.

Kai Hoffmann, director of UK pension risk transfer and institutional retirement at 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.”

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Pamela is IPE's UK correspondent. Before joining IPE in May 2023, she spent five years writing about the insurance industry. During her career so far she won awards for Most Promising Newcomer in 2020 and Best Investigative Article in 2022 from the British Insurance Brokers Association, and was also highly commended at the WTW Media Awards for Insurance Features Journalist of The Year.View full Profile

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