Canada Life completes £48m buy-in with oil and gas sector pension scheme

Canada Life has completed a £48m buy-in with an oil and gas sector pension scheme, securing future benefits for more than 500 pensioners and deferred members. 

WTW acted as lead broker, scheme actuary, investment adviser and administrator. 

Pinsent Masons advised the trustees on legal matters, and Canada Life was advised by its own legal team.

Andrew Nicolaou, business development manager, bulk purchase annuities at Canada Life, said: “We are proud to have supported the trustees through a significant de‑risking milestone for the scheme and a major step forward in securing the long‑term retirement income of its members. 

“Drawing on Canada Life’s financial strength and extensive experience in the bulk annuity market, delivering this buy-in solution reduces volatility for the sponsor while delivering stability and security for both the scheme and members long-term.”

Tom Ashworth, risk transfer director at WTW, said: “Since our appointment as full-service adviser in 2019, it has been a pleasure to work closely with the trustee and sponsor to develop and deliver the transaction strategy – managing illiquid assets, securing bespoke benefit features, and ultimately enhancing benefits for members. 

“It was great to secure this deal, working closely with the teams at Pinsent Masons and Canada Life to deliver a successful outcome for our client and scheme members.

“We’re continuing to see a huge amount of activity in this part of the market.”