Canada Life has delivered a £36 million full-scheme buy-in transaction with the pension scheme for HSB Engineering Insurance Services Limited, protecting the future benefits for 191 pensioner and 128 deferred members.
The scheme’s sponsor is HSB UK & Ireland, the UK’s only underwriter focused solely on engineering and technology insurance and inspection services across construction, manufacturing, leisure, retail and commercial sector as well as public services.
Mercer acted as lead broker on the deal, as well as actuarial and investment adviser to the scheme. The Trustees, led by Vidett, were advised on legal issues by Pinsent Masons while Canada Life was advised by its in-house legal team.
Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life, said:
“We are pleased to have collaborated with the scheme’s trustees, Mercer and Vidett to deliver a tailored derisking solution supported by disciplined, competitive pricing. This transaction provides members with confidence that their benefits will be secured into and throughout retirement by a trusted, well-capitalised and dependable partner.”
Helen Ross-Smith, Senior Principal and Risk Transfer Consultant at Mercer, said:
“It was a pleasure to advise the trustees and support them in achieving this important milestone for the Scheme and its members. By acting as the lead broker, actuarial, and investment adviser we were able to ensure this process ran smoothly for the members and trustees. The completion of this transaction is an excellent result for all parties.”
Ben Salmons, Client Director at Vidett, said:
“As with many schemes, the journey to buy-in has been a long road. I would like to recognise the huge amount of work, collaboration and commitment from the trustees, our advisers and the sponsor to get to this milestone. Canada Life provided competitive pricing, but equally importantly showed commitment to delivering great outcomes for the scheme and our members. This transaction is a hugely positive step for members, and we look forward to continuing the work post transaction.”
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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.