The Safeway Pension Scheme has completed an £80m bulk purchase annuity buy-in with Canada Life. The deal secures the benefits of more than 350 deferred members and 1,450 pensioners.
“As our sixth buy‑in transaction, this is a significant milestone in our long‑term de‑risking journey and underlines the strong collaboration between the Trustees and Morrison Supermarkets Group, working together through our Joint Working Group to secure members’ benefits,” said Steve Southern, Chair of the Trustees.
“It’s been a real pleasure to be part of this collaboration to help the Safeway Pension Scheme reach a buy-in deal and I would like to thank the Trustees for choosing Canada Life to secure the benefits of its members,” added Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life.
“Collaboration among all parties was vital to achieving an accelerated transaction process. Working to a tight timescale, a joint working group held early admin preparation calls to ensure the scheme’s readiness, and efficient due diligence enabled swift completion of the agreement once Canada Life was exclusive as its insurer.”
Aon acted as lead broker on the deal to the trustees of the scheme, as well as being the scheme’s actuarial adviser, with Hymans Robertson acting as the investment adviser. The trustees were advised on legal issues by Clifford Chance and Gowling WLG, while Canada Life was advised by its in-house legal team.
“We have worked with the Safeway Pension Scheme Trustees on several stages of their de-risking journey, and this buy-in with Canada Life is another important milestone. The Trustees have a highly engaged board, which allowed us to move swiftly while maintaining a clear focus on securing members’ benefits,” said James Staveley-Wadham, Associate Partner at Aon.