Canada Life has delivered a £55 million buy-in transaction with an energy industry pension scheme, which secures the future benefits for more than 250 pensioners and 450 deferred members.
Aon acted as lead broker on the deal and was the scheme’s actuarial and investment adviser. The Trustees were advised on legal issues by Eversheds Sutherland. Canada Life was advised by its in-house legal team.
Katie Sokolowski, Business Development Lead, Bulk Purchase Annuities at Canada Life, commented:
“We are pleased to support the Trustees in securing this important step on their de-risking journey. This pension scheme buy-in provides long-term security for members’ benefits in the energy sector, and is tailored in a robust manner that fits naturally with the scheme’s existing strategy.”
Maria Keen, Trustee Director at Independent Governance Group, said:
“This transaction marks a significant milestone for the Scheme and provides long‑term security for our members’ benefits. We are grateful for the collaborative support of our advisers and Canada Life in helping us complete a well‑structured buy in that aligns with the Trustee’s de‑risking objectives.”
Lisa Varley, Associate Partner at Aon, said:
“At a time when more and more smaller schemes are coming to the market, this is a good example of how our streamlined Pathway process can help trustees and sponsors achieve their goals efficiently. Pathway actively addresses all the elements needed for a smooth transaction, meaning we were able to work collaboratively with the insurer, the sponsor and with the trustee, IGG, to deliver this successful outcome for members.”
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Enquiries:
Press enquiries should be directed to:
Julie Hughes-Edwards, Canada Life, +44 7803 249343, julie.hughes-edwards@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.