LCP acted as lead adviser on a £24 million full scheme buy-in transaction covering all 547 pensioner and deferred members of the Roadchef Retirement Benefits Scheme (“the Roadchef Scheme”).  

This transaction was completed in July 2023 under LCP’s streamlined buy-in and buy-out service, with legal advice being provided by Gowling WLG. Eversheds advised Canada Life. EY advised Roadchef on the buy-in transaction.

This transaction follows Canada Life’s first full scheme buy-in transaction completed in July 2023, demonstrating their ambition in the bulk annuity market.  It is another example of a small scheme gaining traction in the insurance market through LCP’s streamlined buy-in and buy-out service, despite the record activity levels.

Mark Fletcher, Chair of Trustees of the Roadchef Retirement Benefits Scheme and Client Director at Vidett, commented: “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. I look forward to working with our long-established LCP Administration team and the team at Canada Life to now progress matters.” 

James Muirhead, Group CFO of Roadchef, commented: “The close collaboration between the Trustees, LCP, EY and Roadchef has enabled us to complete what is a great outcome for the Scheme and its members.  LCP’s streamlined approach led to a competitive process between multiple insurers and has helped deliver the long-standing goal for the Scheme at an affordable price.”

Catherine Hopper, Partner at LCP who led the transaction, commented: “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.”  

Tim Coulson, Managing Director, Bulk Purchase Annuities at Canada Life, commented: “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.”