The West Bromwich Building Society Staff Retirement Scheme has completed a circa £70m buy-in transaction with Canada Life. This transaction will secure the benefits of all uninsured scheme members, covering approximately 490 deferred members and 400 pensioner members.
“This is a very important step for the trustee, securing all remaining member benefits with a world-class insurer. We have enjoyed working with Canada Life and LCP, and have been impressed by their responsiveness and by how smoothly the buy-in has been achieved.
“We are confident that we have achieved an excellent outcome for our members,” said Glyn Smith, Chair of the Trustee.
“In a highly competitive market, which continues to experience significant growth, we are delighted that the trustee has chosen to secure its members’ benefits with Canada Life. The transaction builds on the renewed momentum in our business, with a particular focus on insuring deferred members,” said Shreyas Sridhar, Business Development Director, Bulk Purchase Annuities at Canada Life.
“We recognised the importance of offering a tailored solution to the trustee that met the needs of the pension scheme, underpinned by Canada Life’s robust financial strength and resilience. We are grateful to the trustee and its advisers for their collaboration in delivering an outstanding outcome for the scheme’s members,” Sridhar added.
Lane Clark & Peacock acted as risk transfer adviser to the trustee, with legal advice provided by Gowling.
“It has been a pleasure to have advised the trustee on both the first buy-in transaction a decade ago, and this latest buy-in transaction which successfully concludes the scheme’s journey to full buy-in,” said Gareth Davies, LCP, lead adviser to the trustee.
“In the current busy market, we continue to see very high levels of engagement for well prepared and well-run processes, which is the hallmark of the LCP Streamlined Buy-in Service.
“I was delighted it helped the Trustee obtain several attractive insurer quotations giving them highly competitive pricing and robust terms,” he added.