Canada Life has delivered a £40 million full-scheme buy-in transaction with a financial services sector pension scheme, securing the future benefits for more than 80 pensioners and 60 deferred members.
“We would like to thank the Trustees for choosing Canada Life to securely protect this pension scheme’s future member benefits. This transaction was very swiftly completed thanks to Canada Life’s agile handling of bespoke buy-in arrangements combined with cross party collaboration,” said Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life.
Hymans Robertson acted as lead broker on the deal and adviser to the scheme. The trustees were advised on legal issues by Stephenson Harwood, PBW Administration acted as administrator, Goddard Perry was the scheme’s actuarial adviser and Triangle Pensions offered scheme secretarial services. Canada Life was advised by its in-house legal team.
“We are delighted to have supported the Trustees in taking this important step in their de‑risking journey. Strong collaboration across all parties enabled a smooth and efficient transaction, helping the Trustees secure an excellent outcome in a busy year for the bulk annuity market. We look forward to continuing to support the Trustees through the next stages of their journey,” said Sam Warburton, Risk Transfer Specialist at Hymans Robertson.
