Skip to content
ADVERTISEMENT
News

Canada Life completes buy-in for the Samworth Brothers Limited Superannuation Scheme

The deal secures pension benefits for more than 3,000 pensioners and 4,000 deferred members.

3 min read
Share
pension concept shown on calculator
ADVERTISEMENT

Canada Life has completed a £400m buy-in with the Samworth Brothers Limited Superannuation Scheme.

The deal secures pension benefits for more than 3,000 pensioners and 4,000 deferred members.

Canada Life worked with the trustee and sponsor to structure the deal and manage the transition for members.

LCP led the transaction for the trustee and also acted as the scheme’s administrator, actuarial adviser and investment adviser. 

Gowling WLG provided legal advice to the trustee.

ADVERTISEMENT

EY advised the sponsor on the transaction, with Addleshaw Goddard providing legal advice. 

Canada Life’s in-house legal team was supported by CMS and Simmons & Simmons.

Emma Watkins, CEO at Canada Life, said: “Samworth Brothers is synonymous with good food and family, and we are proud to help secure long‑term security for more than 7,000 members of the Superannuation Scheme. 

ADVERTISEMENT

“This buy-in transaction is the result of clear priorities, strong collaboration and a well‑timed approach to the market – the key ingredients for a successful outcome.

“We are grateful to the Trustee, the sponsor and their advisers for the constructive and pragmatic way they approached this transaction.”

ADVERTISEMENT

Watkins added: “Canada Life has been helping UK customers build and protect their financial futures for over 120 years, and we look forward to further supporting the Trustee and members as we deliver dependable retirement income in the years to come.”

ADVERTISEMENT

Quentin Woodley, chair of the trustees, said: “This transaction is a significant milestone for the Scheme and provides greater security for our members’ benefits. 

“Three years ago, when the Scheme had a substantive buy-in shortfall, few would have imagined that achieving a full buy-in would be possible in such a timeframe.

“I would like to thank my fellow trustees for their dedication and commitment throughout this journey, and our advisers for their expertise and support throughout the process.”

Woodley added: “I would also like to express our sincere gratitude to the Company, whose commitment, collaboration and support were instrumental in making this transaction possible.”

ADVERTISEMENT

Sunita Kaushal, chief legal officer at Samworth Brothers, said: “We would like to extend our sincere thanks to the Trustees and all advisers involved for their hard work and dedication throughout this process and we are delighted to secure the long-term benefits of the Scheme’s members. 

“The transaction reflects what can be achieved through true partnership, clear focus, and a shared commitment to deliver the best possible outcome for all the members.”

Imogen Cothay, partner at LCP, said: “It was a pleasure to work with the Trustee to help them achieve such a positive outcome in an expedited timeframe.  

“The 2026 pension risk transfer market is highly competitive, and we were delighted to run a process which received such strong engagement from insurers and resulted in the selection of Canada Life.  

“All parties worked together decisively and swiftly, and we were able to complete the transaction in under three weeks between the selection of Canada Life and the execution of the contract.”

ADVERTISEMENT

Swapnil Katkar, UK financial services partner at EY, said: “We are pleased to have supported Samworth Brothers and the joint working group on a successful execution. 

“This buy-in was backed by substantial support and proactive market engagement from the sponsor, highlighting its commitment to secure the member benefits. 

“We believe that this transaction further supports the consolidation of pension assets and economies of scale among providers – ultimately benefitting both the UK savers and the economy.”

Related