An unnamed defined benefit pension plan, whose sponsor is in the industrials sector, has completed a £105m full-scheme bulk purchase annuity buy-in with Canada Life, securing the future benefits of over 350 deferred members and over 1,450 pensioners.
“We are delighted that the Trustee chose Canada Life to insure the pension scheme benefits of its members. The smooth and swift completion of this deal reflects all parties working collaboratively to ensure members enjoy financial security and a positive experience as they journey into and through retirement, alongside Canada Life’s ability to deliver bespoke derisking solutions for schemes of all sizes,” said Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life.
LCP acted as lead transaction adviser, and Gowling WLG provided contract advice to the trustee of the scheme. The trustee was supported by its secretariat, The Trustees Office Limited, and was advised on legal issues by Gunnercooke, while Mercer was the scheme’s actuarial and investment adviser. Canada Life was advised by its in-house legal team.
“We are delighted to have supported the Trustee in selecting Canada Life following a highly competitive process,” said Sam Jenkins, Partner at LCP.
“We tailor our Streamlined Buy-in Process to set each of our transactions up for success, and it was rewarding to see that reflected so clearly in this case. We worked closely with the Trustee and its advisers to prepare robustly before approaching insurers, leveraging our pre-negotiated contracts to secure an excellent outcome for the scheme and its members.”
