An unnamed energy industry pension scheme has completed a £55m bulk purchase annuity buy-in with Canada Life. The deal secures the future benefits for more than 250 pensioners and 450 deferred members.
“This transaction marks a significant milestone for the Scheme and provides long‑term security for our members’ benefits. We are grateful for the collaborative support of our advisers and Canada Life in helping us complete a well‑structured buy in that aligns with the Trustee’s de‑risking objectives,” said Maria Keen, Trustee Director at Independent Governance Group.
“We are pleased to support the Trustees in securing this important step on their de-risking journey. This pension scheme buy-in provides long-term security for members’ benefits in the energy sector, and is tailored in a robust manner that fits naturally with the scheme’s existing strategy,” added Katie Sokolowski, Business Development Lead, Bulk Purchase Annuities at Canada Life.
Aon acted as lead broker on the deal and was the scheme’s actuarial and investment adviser. The trustees were advised on legal issues by Eversheds Sutherland. Canada Life was advised by its in-house legal team.
“At a time when more and more smaller schemes are coming to the market, this is a good example of how our streamlined Pathway process can help trustees and sponsors achieve their goals efficiently. Pathway actively addresses all the elements needed for a smooth transaction, meaning we were able to work collaboratively with the insurer, the sponsor and with the trustee, IGG, to deliver this successful outcome for members,” said Lisa Varley, Associate Partner at Aon.
