Canada Life has delivered a £40 million full-scheme buy-in transaction with a financial services sector pension scheme, securing the future benefits for more than 80 pensioners and 60 deferred members.
Hymans Robertson acted as lead broker on the deal and adviser to the scheme. The Trustees were advised on legal issues by Stephenson Harwood, PBW Administration acted as administrator, Goddard Perry was the scheme’s actuarial adviser and Triangle Pensions offered Scheme secretarial services. Canada Life was advised by its in-house legal team.
Shreyas Sridhar, Managing Director, Bulk Purchase Annuities at Canada Life, said:
“We would like to thank the Trustees for choosing Canada Life to securely protect this pension scheme’s future member benefits. This transaction was very swiftly completed thanks to Canada Life’s agile handling of bespoke buy-in arrangements combined with cross party collaboration.”
Sam Warburton, Risk Transfer Specialist at Hymans Robertson, said:
“We are delighted to have supported the Trustees in taking this important step in their de‑risking journey. Strong collaboration across all parties enabled a smooth and efficient transaction, helping the Trustees secure an excellent outcome in a busy year for the bulk annuity market. We look forward to continuing to support the Trustees through the next stages of their journey.”
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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.