Canada Life has completed a £105 million full-scheme buy-in with a UK pension scheme whose sponsor is in the industrials sector, securing the future benefits of over 350 deferred members and over 1,450 pensioners.
LCP acted as lead transaction adviser, and Gowling WLG provided contract advice to the Trustee of the scheme. The Trustee was supported by its secretariat, The Trustees Office Limited, and was advised on legal issues by Gunnercooke, while Mercer was the scheme’s actuarial and investment adviser. Canada Life was advised by its in-house legal team.
Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life, commented:
“We are delighted that the Trustee chose Canada Life to insure the pension scheme benefits of its members. The smooth and swift completion of this deal reflects all parties working collaboratively to ensure members enjoy financial security and a positive experience as they journey into and through retirement, alongside Canada Life’s ability to deliver bespoke derisking solutions for schemes of all sizes.”
Sam Jenkins, Partner at LCP, said: “We are delighted to have supported the Trustee in selecting Canada Life following a highly competitive process.
“We tailor our Streamlined Buy-in Process to set each of our transactions up for success, and it was rewarding to see that reflected so clearly in this case. We worked closely with the Trustee and its advisers to prepare robustly before approaching insurers, leveraging our pre-negotiated contracts to secure an excellent outcome for the scheme and its members.”
-ENDS-
Notes
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.