LCP has advised Wm Morrison Supermarkets Limited on the rescues of the two defined benefit pension schemes operated by McColl's Retail Group plc.
28 July 2022
LCP has supported and advised Wm Morrison Supermarkets Limited on their agreement to take on the assets and liabilities of the two DB schemes of McColl's Retail Group which may otherwise have fallen into the Pension Protection Fund and could have resulted in scheme members having their benefits reduced.
The schemes’ 2,000 members will now benefit from funding guarantees extended by the Morrisons group, with the trustees to continue to oversee the operations of the schemes. The schemes have combined assets of c.£130m
Alex Whitley, LCP partner, said “Sometimes in pensions we get the opportunity to help on projects which make an immediate and valuable difference to people’s futures – this is a good example. We are delighted to have supported Morrisons and to have been part of the team who have worked very hard to achieve this outcome for the McColl's colleagues and scheme members”
The LCP corporate advisory team to Morrisons was led by Alex Whitley and Jonathan Griffith.