Samworth Brothers Superannuation Scheme has completed a £400m (€466m) buy-in transaction with Canada Life, securing the future pension benefits of more than 3,000 pensioners and 4,000 deferred members in the food industry.
Canada Life worked in close partnership with the trustee and sponsor to deliver a buy‑in that met all of their risk transfer objectives. These included making the member experience transition as seamless as possible, and structuring features that supported the trustee’s and sponsor’s goals.
LCP led the transaction on behalf of the trustee and was also the scheme’s administrator, actuarial and investment adviser. Gowling WLG provided legal advice to the trustee. EY led the transaction execution and advice on behalf of the sponsor; Addleshaw Goddard provided legal advice to the sponsor; and Canada Life’s in-house legal team was supported by CMS and Simmons & Simmons.
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.”
Sunita Kaushal, chief legal officer at Samworth Brothers, added: “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.”
Emma Watkins, chief executive officer of Canada Life, said: “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.”
