LCP has advised the Trustee of the Marks & Spencer Pension Scheme (the Scheme) on the purchase of two pensioner buy-in policies with Phoenix Life and Pension Insurance Corporation (PIC) totalling approximately £1.4bn.23 May 2019
I advise pension schemes on removing risk through insurance-based solutions: buy-ins, buy-outs and longevity swaps.
I work with pension schemes that are at varying stages in their de-risking journey plans to help them determine when it is appropriate to focus on longevity de-risking.
LCP helps clients in this strategic planning using a new tool we have developed for measuring longevity risk more robustly, called LCP LifeAnalytics. By combining the output from this measuring tool with a measure of the other risks that the pension scheme is carrying, we can advise on the value-for-money and affordability of different de-risking solutions.
Once we have determined when it is appropriate to remove longevity risk, by what means it is most efficient and at what price, we leverage our extensive transaction experience and strong relationships with the insurers that provide these solutions, to advise our clients on obtaining the best price and terms available.
I began my time in this market as one of the founding management team at Paternoster in 2006 and transferred to Rothesay Life when it bought Paternoster in 2011. For 8 years I worked on the insurance side of the business structuring and negotiating buy-ins, buy-outs and longevity swaps including some of the first buy-ins (eg the £813m buy-in for P&O in 2007), the £3bn longevity swap for BMW in 2011 and buy-outs for a number of clients including InterContinental Hotels (£440m). Since joining LCP in March 2014, I have advised the Philips Pension Fund Trustees on 4 buy-in transactions, leading to a full buy-out (totalling over £3.5bn) and Total on its £1.6bn collateralised buy-in.
- Governor and chair of the finance committee of my children's primary school in Wandsworth
- Regular supporter of the charities Child Bereavement, Cure Parkinsons and Future Talent (a charity that supports young musicians)
"Myles Pink, Clive Wellsteed, Charlie Finch, Michelle Wright, David Salter, Dave Stewart are a good example of how a team enjoy their subject material.
Example, on the day after the PRA released guidance on Solvency II (prior to its implementation), a member of the LCP team rang us up to discuss the implications - no other de-risking team did that."
The Yorkshire Building Society Pension Scheme secures a £245m buy-in with Pension Insurance Corporation
The Trustees of the Yorkshire Building Society Pension Scheme has purchased a £245m pensioner buy-in policy with Pension Insurance Corporation, a PRA-regulated life insurer.4 February 2019
The Trustee of the Marks and Spencer Pension Scheme has purchased pensioner buy-in policies with both Aviva and Phoenix Life totalling £1.4bn. The insurance policies cover around a third of the Scheme’s pensioner liabilities.17 May 2018
How I have helped our clients
How we helped the Philips Pension Fund achieve full buy-out with a progressive de-risking approach
Our report this year finds that the insurance market is entering a pension scheme buy-out boom due to improved affordability, driven by stalling life expectancies, good asset performance and attractive insurer pricing.
Our 2018 de-risking report on the buy-in, buy-out and longevity swap market comes at a time when pension de-risking is more exciting than ever.
LCP longevity report. Making sense of longevity trends - we delve into the factors behind the changes in life expectancy and how this is impacting defined benefit pension schemes.
How I can help
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