The Inchcape Motors Pension Scheme has completed a £505m buy-in with Legal & General (L&G) Assurance Society, covering the benefits of 2,295 retirees and 5,890 deferred members.

PwC served as lead adviser to the trustee and sponsor and investment advice was provided by LCP and actuarial advice from XPS Pensions Group.

In addition to this, Burges Salmon provided legal advice to the trustee, while Slaughter and May provided legal advice to Legal & General.

The scheme is also a client of Legal & General’s Asset Management division, which has managed a portion of its assets since 2018.

Vidett professional trustee, Julia Yates, described the buy-in as "another positive step in our ongoing strategy to ensure long-term security for all our members".

"The selection of L&G as our Insurer partner enables us to deliver our long-term commitment to our members," she continued.

"Collaboration has been at the centre of this project, and it has been a joy to work with Inchcape and all the professional advisors - it has very much felt like “one team” throughout, with members at the heart of all the decisions made.”

Adding to this, L&G UK pension risk transfer director, institutional retirement, Kai Hoffman, said: “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.”

PwC head of pensions risk transfer, Matt Cooper, added: “We are proud to have advised the trustee and sponsor over several years to prepare the scheme for this transaction.

"Delivering a competitive tender process has resulted in a positive outcome for all parties and enhanced security for the scheme's c8,000 members."

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