Canada Life has completed a £105m full-scheme buy-in deal with a UK pension scheme sponsored by an industrials sector company.
The transaction secures the future benefits of over 350 deferred members and more than 1,450 pensioners, reinforcing the financial stability and retirement security for the scheme’s members, it was announced.
Canada Life declined to disclose the name of the pension fund.
LCP was the lead transaction advisor, while Gowling WLG provided legal contract guidance to the trustee, which was also supported by its secretariat, The Trustees Office Limited.
Gunnercooke advised on additional legal matters and Mercer served as the scheme’s actuarial and investment adviser.
Canada Life relied on its in-house legal team throughout the process, a statement disclosed.
Shreyas Sridhar, managing director, bulk purchase annuities, at Canada Life, commented: “The smooth and swift completion of this deal reflects all parties working collaboratively to ensure members enjoy financial security and a positive experience in retirement.”
Sam Jenkins, partner at LCP, added: “We tailored our streamlined buy-in process to set this transaction up for success. Working closely with the trustee and advisers allowed us to secure an excellent outcome for the scheme and its members.”
Canada Life, part of Great-West Lifeco Inc, offers a broad range of retirement, insurance, and investment solutions across the UK, Europe, Canada, and the US.
