Canada Life has secured the future benefits for more than 145 pensioners and 80 deferred members of the Phoenix Medical Supplies Pension Scheme by delivering a £30 million full-scheme buy-in transaction.
Barnett Waddingham acted as lead broker on the deal as well as adviser and administrator to the scheme. The Trustees were advised on legal issues by Gateley Legal. Canada Life was advised by its in-house legal team.
Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life, commented: “We are grateful to the Trustees for choosing Canada Life, and thank everyone involved for collaborating so efficiently to secure the pension scheme’s members’ future benefits. Long-standing relations between the scheme and its experienced adviser team as well as Canada Life’s nimble deftness for delivering tailored derisking solutions ensured the smooth processing of this buy-in transaction.”
David Simpson, Principal and Senior Consulting Actuary at Barnett Waddingham, part of Howden, said: “It’s been a privilege to support the Trustees on their journey to this significant milestone. Barnett Waddingham has acted as Scheme Actuary since 2005, and over more than 20 years we have worked closely together to strengthen the scheme’s long‑term security. Reaching a full‑scheme buy‑in is a testament to that sustained partnership and the Trustees’ commitment to delivering certainty for members.”
Kevin Hudson, Chair of Trustees, said: “The Trustees are delighted that this buy‑in provides long‑term security for our pensioners and deferred members. We are grateful to Phoenix for their continuing support which has enabled us to reach this position, and for the support of our advisers throughout this process, particularly Barnett Waddingham, whose long-standing involvement has been invaluable in guiding us to this point. We are also pleased with the collaborative approach taken by Canada Life, which helped ensure a smooth and efficient transaction for the benefit of our 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.
www.canadalifeassetmanagement.co.uk