Canada Life completes £40m buy-in with financial services sector pension scheme

Canada Life has completed a £40m full-scheme buy-in with a financial services sector pension scheme. 

The deal provides security for over 80 pensioners and 60 deferred members.

Hymans Robertson acted as lead broker and adviser for the scheme. 

The trustees received legal advice from Stephenson Harwood. 

PBW Administration was the administrator, Goddard Perry was the actuarial adviser, and Triangle Pensions provided secretarial services. 

Canada Life’s in-house legal team worked on the transaction.

Shreyas Sridhar, managing director, bulk purchase annuities (BPA) at Canada Life, said: “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.”

Sam Warburton, risk transfer specialist at Hymans Robertson, said: “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.”