Canada Life, an insurance and financial services company, has completed a £40 million full-scheme buy-in transaction with a financial services sector pension scheme.
According to the announcement, this deal secures the future benefits for more than 80 pensioners and 60 deferred members.
The transaction saw Hymans Robertson act as lead broker on the deal and adviser to the scheme. Canada Life was advised by its in-house legal team.
Stephenson Harwood advised the Trustees on legal issues, while PBW Administration acted as administrator, Goddard Perry as the scheme’s actuarial adviser and Triangle Pensions offered Scheme secretarial services.
Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life, said: “We would like to thank the Trustees for choosing Canada Life to securely protect this pension scheme’s future member benefits.
“This transaction was very swiftly completed thanks to Canada Life’s agile handling of bespoke buy-in arrangements combined with cross party collaboration.”
Sam Warburton, Risk Transfer Specialist at Hymans Robertson, commented: “We are delighted to have supported the Trustees in taking this important step in their de‑risking journey.
“Strong collaboration across all parties enabled a smooth and efficient transaction, helping the Trustees secure an excellent outcome in a busy year for the bulk annuity market. We look forward to continuing to support the Trustees through the next stages of their journey.”
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