Canada Life completes £52m pension buy-in
The full-scheme buy-in covers 300 pensioner members and 130 deferred members in the metals industry.
Canada Life has completed a £52m full-scheme buy-in covering 300 pensioner members and 130 deferred members in the metals industry.
The scheme’s sponsor was Sheffield-based alloys manufacturer Special Melted Products Ltd.
XPS acted as lead broker and investment adviser, while Mercer acted as actuary.
Gunnercooke provided legal advice to the trustee, while Canada Life used its in-house legal team.
Krishan Chauhan, business development lead, bulk purchase annuities at Canada Life, said: “Canada Life is pleased to have forged a relationship with the Trustee and its pension scheme advisers to preserve pension benefits for its members.
“This buy‑in provides long‑term security, with members’ benefits backed by a strong and experienced insurer.”
Jo Harris, chair of the trustee, said: “Dalriada Trustees Limited is delighted to announce the buy-in transaction with Canada Life.
“This transaction represents a major milestone in the Plan’s de-risking journey.
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