BESTrustees, the professional Trustee of the Scheme worked closely with the Sponsor, WCF Ltd, a logistics, retail, e-commerce and leisure company, based in the UK, and appointed Gallagher to advise on the transaction at the start of 2025. In less than five months, Gallagher steered the buy-in to its final signing with L&G (Legal & General) working closely with several other parties to deliver a swift and favourable outcome.
Gallagher consulted on several aspects of the transaction, acting as risk transfer broker, scheme actuary, and providing consultancy services on investment and administration, Eversheds Sutherland acted as the legal adviser, and BESTrustees was the professional trustee. The effective collaboration of all these advisers along with proactive project management from Gallagher, and the support of the sponsoring employer, resulted in a smooth transaction.
Mark van den Berghen, Head of Risk Transfer at Gallagher, said:
"We are delighted to have collaborated with the Scheme's trustee on a successful buy-in, which has delivered a favourable outcome for 122 members. Every single party worked in lockstep, delivering a smooth process while maintaining continuity with past transactions. As a result, we were able to move at speed and finish the transaction on time and without any complications."
Ann Rigby, Professional Trustee, BESTrustees Limited said:
"Over 2025, we've worked closely with WCF and our advisers at Gallagher and Eversheds to steer the Scheme toward its objective of insuring all the deferred members. It's a privilege to announce that we have secured a positive outcome for our members, and one that will secure the futures of the uninsured members. The success of our transaction is a case study for the value of close collaboration in delivering a buy-in transaction with speed and efficiency."
Amanda Small, Legal adviser to the Trustee, Evershed Sutherland, said:
"We are delighted to have supported the Trustee on this fast-paced and streamlined transaction. This buy-in demonstrates that, in an increasingly busy bulk annuity market, using insurer standard terms and working collaboratively with all parties can deliver excellent outcomes for the Scheme, trustees, employer sponsor and members.
Jo Ritzema, Executive Chair of employer sponsor WCF Ltd said:
"We have worked collaboratively with the Professional Trustee and advisers from Gallagher for many years to reach this successful outcome for scheme members. Having a shared goal of protecting members' long-term benefits, whilst transferring the risk to an established and reputable insurer like L&G, provides the long-term financial stability that an employee-owned business like WCF strives for and improves the security of individual member benefits."
