Marvin OnumonuCanada Life has completed a £105m full-scheme buy-in with a UK pension scheme backed by a firm in the industrials sector.
The deal secures the future benefits of over 350 deferred members and over 1,450 pensioners.
LCP acted as lead transaction adviser, with contract advice from Gowling WLG.
The trustee’s secretariat was The Trustees Office Limited, and legal advice was handled by Gunnercooke.
Mercer provided actuarial and investment advice.
Canada Life’s in-house legal team supported the process.
Shreyas Sridhar, managing director, bulk purchase annuities at Canada Life, said: “We are delighted that the Trustee chose Canada Life to insure the pension scheme benefits of its members.
“The smooth and swift completion of this deal reflects all parties working collaboratively to ensure members enjoy financial security and a positive experience as they journey into and through retirement, alongside Canada Life’s ability to deliver bespoke derisking solutions for schemes of all sizes.”
Sam Jenkins, partner at LCP, said: “We are delighted to have supported the Trustee in selecting Canada Life following a highly competitive process.
“We tailor our Streamlined Buy-in Process to set each of our transactions up for success, and it was rewarding to see that reflected so clearly in this case.
“We worked closely with the Trustee and its advisers to prepare robustly before approaching insurers, leveraging our pre-negotiated contracts to secure an excellent outcome for the scheme and its members.”
