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.

“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,” commented Roadchef Retirement Benefit Scheme chair of trustees and Vidett client director, Mark Fletcher.

“I look forward to working with our long-established LCP administration team and the team at Canada Life to now progress matters.”

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.”

Also commenting on the announcement, LCP partner, Catherine Hopper, who led the transaction, said: “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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