Canada Life has delivered a £48m full-scheme bulk purchase annuity buy-in with a pension scheme in the oil and gas industry, securing the future benefits for more than 500 pensioner and deferred members.
“We are proud to have supported the trustees through a significant de‑risking milestone for the scheme and a major step forward in securing the long‑term retirement income of its members. Drawing on Canada Life’s financial strength and extensive experience in the bulk annuity market, delivering this buy-in solution reduces volatility for the sponsor while delivering stability and security for both the scheme and members long-term,” said Andrew Nicolaou, Business Development Manager, Bulk Purchase Annuities at Canada Life.
WTW acted as lead broker on the deal as well as scheme actuary, investment adviser, and administrator under WTW’s OneDB offering. The trustees were advised on legal issues by Pinsent Masons. Canada Life was advised by its in-house legal team.
“Since our appointment as full-service adviser in 2019, it has been a pleasure to work closely with the trustee and sponsor to develop and deliver the transaction strategy – managing illiquid assets, securing bespoke benefit features, and ultimately enhancing benefits for members. It was great to secure this deal, working closely with the teams at Pinsent Masons and Canada Life to deliver a successful outcome for our client and scheme members,” said Tom Ashworth, Risk Transfer Director at WTW.
“We’re continuing to see a huge amount of activity in this part of the market. Smaller schemes now have a choice of insurer and can secure bespoke transaction features if they approach the market strategically.”
