Canada Life completes £36m buy-in with HSB Engineering Insurance Services pension scheme
The deal secures future benefits for 191 pensioner members and 128 deferred members.
Canada Life has completed a £36m full-scheme buy-in with the HSB Engineering Insurance Services Limited pension scheme.
The deal secures future benefits for 191 pensioner members and 128 deferred members.
Mercer acted as lead broker, actuarial adviser, and investment adviser.
Vidett led the trustees, with legal advice from Pinsent Masons.
Canada Life used its in-house legal team.
Shreyas Sridhar, managing director, bulk purchase annuities at Canada Life, said: “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.”
Helen Ross-Smith, senior principal and risk transfer consultant at Mercer, said: “It was a pleasure to advise the trustees and support them in achieving this important milestone for the Scheme and its members.
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