The Samworth Brothers Limited Superannuation Scheme has completed a bulk purchase annuity buy-in with Canada Life.
The transaction covered £400m of assets and secures the future pension benefits of more than 3,000 pensioners and 4,000 deferred scheme members.
“This transaction is a significant milestone for the scheme and provides greater security for our members’ benefits. Three years ago, when the Scheme had a substantive buy-in shortfall, few would have imagined that achieving a full buy-in would be possible in such a timeframe,” said Quentin Woodley, Chair of Trustees.
“I would like to thank my fellow trustees for their dedication and commitment throughout this journey, and our advisers for their expertise and support throughout the process. I would also like to express our sincere gratitude to the company, whose commitment, collaboration and support were instrumental in making this transaction possible.”
“Samworth Brothers is synonymous with good food and family, and we are proud to help secure longterm security for more than 7,000 members of the superannuation scheme. This buy-in transaction is the result of clear priorities, strong collaboration and a welltimed approach to the market – the key ingredients for a successful outcome. We are grateful to the trustee, the sponsor and their advisers for the constructive and pragmatic way they approached this transaction,” added Emma Watkins, Chief Executive at Canada Life.
LCP led the transaction on behalf of the trustee and was also the scheme’s administrator, actuarial and investment adviser. Gowling WLG provided legal advice to the Trustee. EY led the transaction execution and advice on behalf of the sponsor, Addleshaw Goddard provided legal advice to the sponsor, and Canada Life’s in-house legal team was supported by CMS and Simmons & Simmons.
“It was a pleasure to work with the trustee to help them achieve such a positive outcome in an expedited timeframe. The 2026 pension risk transfer market is highly competitive, and we were delighted to run a process which received such strong engagement from insurers and resulted in the selection of Canada Life. All parties worked together decisively and swiftly, and we were able to complete the transaction in under three weeks between the selection of Canada Life and the execution of the contract,” said Imogen Cothay, Partner at LCP.
“We are pleased to have supported Samworth Brothers and the joint working group on a successful execution. This buy-in was backed by substantial support and proactive market engagement from the sponsor, highlighting its commitment to secure the member benefits. We believe that this transaction further supports the consolidation of pension assets and economies of scale among providers – ultimately benefitting both the UK savers and the economy,” added Swapnil Katkar, UK Financial Services Partner at EY.
