Canada Life completes £24m buy-in with Roadchef pension scheme

Written by Adam Cadle

14/08/2023

The Roadchef Retirement Benefits Scheme has completed a £24m full scheme buy-in transaction with Canada Life, covering all 547 pensioner and deferred members of the scheme.

The deal, which is Canada Life’s second transaction in the deferred market, was completed in July 2023 under LCP’s ‘streamlined’ buy-in and buyout service.

LCP acted as the lead adviser on the transaction, while Gowling WLG provided legal advice.

Eversheds provided advice to Canada Life and EY advised Roadchef on the buy-in transaction.

The deal follows Canada Life’s first full scheme buy-in transaction, which also completed in July 2023, with an unnamed scheme for £58m.

Canada Life managing director, bulk purchase annuities, Tim Coulson, added: “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.

“We will continue to develop our capability in this exciting and growing market to participate in the broadest range of opportunities possible.”

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