We advise the Trustees of the Asda Group Pension Scheme on £3.8bn buy-in

We are delighted to announce that we have successfully advised the Trustees of the Asda Group Pension Scheme, on its recent £3.8bn buy-in with Rothesay Life Plc. This will secure the benefits of over 13,000 members. The buy-in has been secured in anticipation of a full buy-out of the Scheme in the next 20 to 24 months.

The transaction is the culmination of years of best practice Integrated Risk Management, working with Cardano (Lincoln Pensions’ parent company) and the Trustees’ other advisors. The multi-disciplinary team was led by Lincoln Pensions’ CEO, Darren Redmayne, and Adolfo Aponte, Lincoln Pensions Director.

We are a leading specialist covenant advisor with market-leading expertise in advising trustees and sponsors on the covenant implications of insurance transactions.

Darren Redmayne, CEO of Lincoln Pensions said:
“The journey the Trustees have taken, working with ASDA and Walmart over many years is a very good demonstration of best-practice integrated risk management. It has been a pleasure to work with the Scheme to evaluate the covenant and assist in ensuring a robust process that has prioritised the security of member benefits in moving from a corporate covenant to one now backed by the insurance market.”

Adolfo Aponte, Director, Lincoln Pensions said:
“In completing a buy-in or buy-out the security of members’ benefits is a critical consideration. We have worked closely alongside the Trustees and the other advisers to ensure counterparty risk played a key role in the decision-making process alongside other factors.”

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