A pension scheme sponsored by Sheffield-based alloys manufacturer Special Melted Products Ltd has completed a £52m full-scheme bulk purchase annuity buy-in with Canada Life. The transaction secures the future pension benefits for 300 pensioner and 130 deferred scheme members.
“Dalriada Trustees Limited is delighted to announce the buy-in transaction with Canada Life. This transaction represents a major milestone in the plan’s de-risking journey. The transaction improves the security of our members’ pensions and reflects the dedication of all parties to achieve an excellent outcome for the plan,” said Jo Harris, Chair of the Trustee.
“Canada Life is pleased to have forged a relationship with the trustee and its pension scheme advisers to preserve pension benefits for its members. This buy‑in provides long‑term security, with members’ benefits backed by a strong and experienced insurer,” added Krishan Chauhan, Business Development Lead, Bulk Purchase Annuities at Canada Life.
XPS acted as lead broker and investment adviser to the pension scheme while Mercer acted as actuary. The trustee was advised on legal issues by gunnercooke, and Canada Life was advised by its in-house legal team.
“This transaction demonstrates the value that can be achieved through close collaboration between all parties and strong insurer engagement. The project was focused on delivering long-term security for the plan’s members, and Canada Life’s collaborative approach helped secure an excellent outcome. This has enabled the trustees to confidently secure members’ benefits through this important transaction,” said David Barratt, Associate Partner at XPS.
