Canada Life completes £55m buy-in with energy market pension scheme

Canada Life has completed a £55m buy-in with an energy market pension scheme, securing benefits for more than 250 pensioners and 450 deferred members. 

Aon acted as lead broker on the deal and provided actuarial and investment advice. 

Trustees received legal guidance from Eversheds Sutherland, while Canada Life was advised by its in-house legal team.

Katie Sokolowski, business development lead, bulk purchase annuities at Canada Life, said: “We are pleased to support the Trustees in securing this important step on their de-risking journey. 

“This pension scheme buy-in provides long-term security for members’ benefits in the energy sector, and is tailored in a robust manner that fits naturally with the scheme’s existing strategy.”

Maria Keen, trustee director at Independent Governance Group, said: “This transaction marks a significant milestone for the Scheme and provides long term security for our members’ benefits. 

“We are grateful for the collaborative support of our advisers and Canada Life in helping us complete a well structured buy-in that aligns with the Trustee’s de-risking objectives.”

Lisa Varley, associate partner at Aon, said: “At a time when more and more smaller schemes are coming to the market, this is a good example of how our streamlined Pathway process can help trustees and sponsors achieve their goals efficiently.