The HSB Engineering Insurance Services Limited pension scheme has completed a £36m full-scheme bulk purchase annuity buy-in with Canada Life. The deal secures the future benefits for 191 pensioner and 128 deferred members.
“As with many schemes, the journey to buy-in has been a long road. I would like to recognise the huge amount of work, collaboration and commitment from the trustees, our advisers and the sponsor to get to this milestone. Canada Life provided competitive pricing, but equally importantly showed commitment to delivering great outcomes for the scheme and our members. This transaction is a hugely positive step for members, and we look forward to continuing the work post transaction,” said Ben Salmons, Client Director at Vidett.
“We are pleased to have collaborated with the scheme’s trustees, Mercer and Vidett to deliver a tailored derisking solution supported by disciplined, competitive pricing. This transaction provides members with confidence that their benefits will be secured into and throughout retirement by a trusted, well-capitalised and dependable partner,” added Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life.
Mercer acted as lead broker on the deal, as well as actuarial and investment adviser to the scheme. The trustees, led by Vidett, were advised on legal issues by Pinsent Masons while Canada Life was advised by its in-house legal team.
“It was a pleasure to advise the trustees and support them in achieving this important milestone for the scheme and its members. By acting as the lead broker, actuarial, and investment adviser we were able to ensure this process ran smoothly for the members and trustees. The completion of this transaction is an excellent result for all parties,” said Helen Ross-Smith, Senior Principal and Risk Transfer Consultant at Mercer.
