West Bromwich Building Society pension scheme completes £70m buy-in with Canada Life
This transaction secures the benefits of all uninsured scheme members, covering about 490 deferred members and 400 pensioner members.
The West Bromwich Building Society Staff Retirement Scheme has completed a buy-in transaction worth approximately £70m with Canada Life.
This transaction secured the benefits of all uninsured scheme members, covering about 490 deferred members and 400 pensioner members.
Lane Clark & Peacock acted as the risk transfer adviser to the Trustee, with legal advice provided by Gowling WLG. Canada Life received legal assistance from its in-house team.
The transaction utilised the LCP Streamlined Buy-in Service, which is designed for schemes looking to conduct transactions under £200m.
Shreyas Sridhar, business development director for bulk purchase annuities at Canada Life, said: “In a highly competitive market, which continues to experience significant growth, we are delighted that the Trustee has chosen to secure its members’ benefits with Canada Life.
“The transaction builds on the renewed momentum in our business, with a particular focus on insuring deferred members.
“We recognised the importance of offering a tailored solution to the Trustee that met the needs of the pension scheme, underpinned by Canada Life’s robust financial strength and resilience.
“We are grateful to the Trustee and its advisers for their collaboration in delivering an outstanding outcome for the Scheme’s members.”
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