Slaughter and May advised Legal & General on the purchase of the entire issued share capital of Lucida plc, a closed bulk purchase annuity company with a portfolio of £1.4bn of annuity assets, from LCM Holdings Limited.
Lucida was founded in 2006 to focus on the bulk purchase annuity market. It implemented bulk annuity arrangements with the Merchant Navy Officers Pension Fund, New Ireland Assurance and the UK pension schemes of Morgan Crucible and Newell Rubbermaid. Lucida closed to new business in November 2012 and is currently responsible for over 31,000 pensions in payment.
The acquisition was announced on 26 June 2013. It is expected to be completed in the third quarter of 2013 and is subject to regulatory approval.
Contacts
Corporate and Commercial: Robert Chaplin (partner), Gavin Brown (partner), William Hogarth (associate), Oliver Broomfield (associate); Pensions and Employment: Jonathan Fenn (partner), Harriett Clover (associate), Amy Douthwaite (associate); Tax: Jeanette Zaman (partner), Emma Game (associate)