Michelle Wright

Michelle Wright

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I am Co-Head of LCP Trustee Consulting and a partner in LCP's Insurance De-risking practice, specialising in helping trustees and companies to understand, prepare for, and implement longevity hedging strategies through the use of buy-ins, buy-outs and longevity swaps.

I am also a Scheme Actuary for schemes with assets ranging from £40m to £1.5bn.

One of my key areas of focus is helping clients to incorporate longevity de-risking in a way that dovetails effectively with their funding and investment strategies. For larger schemes, this often involves an approach of staged de-risking, undertaking a series of buy-ins or longevity swaps over time as part of the scheme’s overall de-risking strategy (see ICI Pension Fund as an example). I help schemes to identify when the right time to hedge longevity risk is, what size of transaction could be supported, and to assess the “value-for-money” of any transaction relative to alternative de-risking actions. It is this passion for designing optimal risk reduction strategies that led me to develop the idea for our longevity risk-measurement tool, LCP LifeAnalytics.

As well as larger transactions, I have advised on a number of buy-ins for smaller schemes. I have particular experience in the structuring of more complex or innovative cases, for example collateralised buy-ins, or PPF+ buy-outs designed to maximise benefits for members of schemes in distress.

Example transactions include:

  • 3i - £200m pensioner buy-in (2017)
  • Confidential - £110m partial pensioner buy-in (2016)
  • ICI - 9 x collateralised pensioner buy-ins totalling £7bn (2014 to 2016)
  • MIRA - £70m PPF+ buy-out (2015)
  • Northern Bank Pension Scheme - £680m collateralised pensioner buy-in (2015)
  • First Quench - £160m PPF+ buy-out (2013)
  • Uniq - £830m PPF+ buy-out (2011)
  • GSK - £900m collateralised pensioner buy-in (2010)
  • Aggregate industries - £300m pensioner buy-in (2010)
  • West ferry printers - £100m pensioner buy-in (2008)

Thank you for the professional way in which you steered us through this complex project. Your advice was robust and clearly communicated, helping us to achieve an excellent outcome for our scheme and its members. As I have said a number of times, I wouldn’t expect anything less from LCP!

LCP Client

My viewpoint

Related press

MIRA Trustees use business sale to secure benefits above PPF levels

The Trustee of the MIRA Retirement Benefits Scheme (MIRARBS) has used its share of the proceeds of the business sale of MIRA Ltd to secure members’ benefits at a level in excess of Pension Protection Fund (PPF) compensation via a £70m buy-out transaction with Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds.

28 July 2015 Michelle Wright, Partner

How I have helped our clients

ICI: a £10bn de-risking blueprint

How we helped one of the largest DB pension plans in the UK, ICI Pension Fund, progressively insure their longevity risk using innovative umbrella contracts

Related publications

How I can help

Actuarial advice

We provide individual and high quality actuarial advice, taking a collaborative approach between trustees, employer and advisers, to ensure a focus on good member outcomes.

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Buy-ins, buy-outs and longevity swaps

We are market leaders at each stage of de-risking, including planning, investment strategy, transactional services and wind up.

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LCP LifeAnalytics

LCP LifeAnalytics is a unique tool that allows you to measure the longevity risk in your pension scheme.

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Pensions strategy

We work closely with our clients to understand their pension scheme objectives and implement effective and creative strategies to achieve them.

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